For a renewed future,  
a renewable present
Sustainability 
Report
2020

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Published by
RED ELÉCTRICA 
Paseo del Conde de los Gaitanes, 177 
28109 Alcobendas (Madrid)
www.ree.es/en
Design and layout
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estudio@dis-n.es 
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 SOSTENIBILIDAD - 2020’ report, originally 
issued in Spanish. In the event of any discrepancy, 
the Spanish-language version shall prevail. 
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SUSTAINABILITY 
REPORT
2020
www.ree.es/en
1
Table  
of contents
Value  
Creation of the 
Red Eléctrica 
Group Business 
Model 
2
A benchmark 
report at the 
forefront  
of reporting 
standards 
12
Our response  
to the  
COVID-19 
5
The Red  
Eléctrica Group 
The Company
-
Business activities  
of the Group
25
1
Annexes 
Executive Report  
on the Management 
of the Code 
of Ethics and 
Professional 
Conduct
-
Green Bond  
Report 
-
GRI content 
index
-
SASB content  
index
-
TFCD 
Recommendations
-
CDSB Framework 
content index
-
Assurance  
Reports
355
Strategy 
Socio-economic  
and regulatory 
environment
-
2021-2025  
Strategic Plan
34
2
Anticipating 
change and 
taking action 
Trends and 
opportunities
-
Risk  
Management
-
Comprehensive 
Corporate Security
-
Transformation: 
Culture, Digital 
and Technological 
Innovation
95
5
Contribution  
to social,  
economic, and  
environmental 
development 
Contribution  
of the Company’s  
activity
-
Relationship  
with the  
socio-economic 
environment
-
Conservation  
of natural  
capital
-
Socio-economic 
development  
of the territory
323
8
Responsible 
value chain
Ethics and 
compliance
-
Economic results 
and financial 
strength
-
Employees
-
Responsible 
environmental 
management
-
Supply chain
-
Customer  
orientation
198
7
Corporate  
Governance 
Governance 
Structure of the  
Red Eléctrica  
Group
-
Shareholding 
Structure 
-
General 
Shareholders’ 
Meeting
-
Board  
of Directors
46
3
Commitment to 
sustainability 
2030 Sustainability 
Commitment
- 
Stakeholder 
Management  
Model
-
Leadership in 
Sustainability
-
Transparency and 
Communication
75
4
Decarbonisation  
of the economy  
Climate change  
and Energy  
transition
-
Sustainable  
development  
of the  
transmission  
grid
-
Integration  
of renewable  
energy
- 
Flexibility of the  
electricity  
system:  
Smart Grids,  
Demand-side  
Management  
and Mobility
-
Reduction  
of the carbon  
footprint
145
6
Letter from the 
Chairwoman 
and from the 
CEO 
3

Value Creation of the Red Eléctrica 
Group Business Model 
SUSTAINABILITY 
REPORT 
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
2
Telecommunications  
business
REINTEL
Technology  
and innovation 
services
ELEWIT
Energy storage  
in the Canary Islands
REINCAN
Telecommunications 
business
HISPASAT
Electricity  
business in Spain
RED ELÉCTRICA  
DE ESPAÑA
Electricity  
business  
abroad
RED ELÉCTRICA  
INTERNACIONAL
2
3
5
4
6
1
Network of 
interconnections 
with neighbouring 
countries
Electricity Control  
Centre
1
1
1
6
6
4
4
4
Corporate governance
61.5 % 
Attendance at the General  
Shareholders’ Meeting 
58.3 %
Independent  
Board Members 
12
Board  
Members 
50 %
Women  
on the Board 
Financial resources
1,985.8 M€ 
revenue
895.0 M€ 
investment
Human resources
2,051 
employees  
in the Group
3,042 € 
in training  
per employee
Innovation
16.91 M€
investment  
in innovation
124  
innovation 
projects
Environment
23.3 M€
expenditure on the protection of 
biodiversity and other concepts
37 initiatives
for the protection and 
conservation of biodiversity
Society
9 M€
investment in  
the community
89 agreements 
signed with local  
administrations (Spain)
377
social 
initiatives
67 hours 
of training  
per employees
O U R  R E S O U R C E S
Employees
175.9 M€ 
personnel costs 
98 % 
fixed contracts
32.67% 
women  
in the  
management 
team
2.87 
Occupational 
accident 
frequency 
rate
9,077 M€ 
capitalisation
Shareholders and  
investors
566.8 M€ 
distribution 
of dividends
66.5 % 
of electricity line 
in critical priority 
zones marked with 
bird-saving devices  
Environment
28,065,584 t
of CO₂ avoided
44 % integration 
of renewables
Suppliers
599.6 M€
in purchases  
of goods and 
services
88.7% 
purchases from 
suppliers within 
the European 
Union
V A L U E  C R E A T E D
Society
265 M€ 
GDP contribution 
as a result of 
investments 
made in Spain
743 M€  
total tax  
contribution  
for the year
39 M USD & 10 M USD  
GDP contribution as a result 
of investments made in Chile 
and Peru 
Customers
98.56 %  
availability rate  
of the electricity 
grid on the Spanish 
mainland
99.95 % 
availability rate  
of the transmission 
system managed  
in Chile (TEN)
100 % 
availability of 
the payload  
of the  
satellite fleet
99.83 %
availability rate  
of the transmission 
system managed 
in Peru
1,292 
suppliers
O U R 
I N F RAST R U C T U R E 
O U R 
S U STA I N A B I L I T Y 
P R I O R I T I E S 
55 % 
women 
on the 
executive 
committee

3
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
This year, 2020, has been a year marked by the pandemic in which, at the  
Red Eléctrica Group, we focused all our efforts on protecting the health of our 
employees and guaranteeing the essential services that our activity offers society: 
the proper functioning of the Spanish electricity system as well as the electricity 
and telecommunications, fibre optic and satellite infrastructures in all the 
countries in which we operate.
At this decisive time for everyone’s health, for the economy and for the fight 
against climate change, we are committed to a green recovery, as it represents 
an essential pillar for economic reconstruction and brings with it an enormous 
potential to stimulate business activity and create jobs. In fact, if the pandemic has 
taught us anything, it is that we need to accelerate the pace of both the ecological 
Letter from the Chairwoman  
and from the Chief Executive Officer 102-14
Beatriz Corredor Sierra
Chairwoman of the Red Eléctrica Group
transition and the digital transformation in order to take huge steps along  
the road towards the decarbonisation of the economy. In this transition, we,  
as the sole operator and transmission agent of the Spanish electricity system, have  
an essential role to play in achieving the objectives set out in the European Green  
Deal and those included in the Integrated National Energy and Climate Plan (NECP).
In the Red Eléctrica Group, we are responding to this new reality through  
the 2021-2025 Strategic Plan, which focuses on making the ecological transition 
possible in order to continue taking steps to  progress efficiently towards a 
decarbonised economy, while at the same time consolidating our position in 
important growth vectors such as our business activity abroad and the promotion 
of connectivity through telecommunication services. We make all this a reality 
while prioritising a corporate culture that encompasses innovation, talent and  
a commitment to sustainability as levers that guarantee the long-term continuity 
and success of the Group.
Significant progress has been made in 2020, a year in which the following 
should be highlighted: 
• The actions we have carried out have enabled renewable technologies to be
responsible for generating 44% of all the electricity produced in Spain during
the year, making it the highest level ever recorded in our national electricity
system since records began.
Roberto García Merino
Chief Executive Officer

4
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
• We have updated our Code of Ethics and Professional Conduct, adapting 
it to the highest standards of ethics and best-in-class compliance practices 
while meeting the evermore demanding expectations of our stakeholders.
• We have successfully completed the integration of the electricity subsystems 
of the Balearic Islands into that of the Spanish mainland, following the 
commissioning of the new Menorca-Majorca link, which will play an essential  
role in the energy transition process of the unified Balearic Islands electricity 
system.
• We have met the global emissions reduction targets of our Climate Change 
Action Plan, and in 2021, we will define new, more ambitious challenges aligned 
with the goal of not exceeding a 1.5 °C increase in global temperatures.
• We have strengthened the presence of the Red Eléctrica Group in the innovation 
ecosystem through the activity of Elewit, developing and deploying innovative 
solutions to drive the energy transition and promote connectivity, with the aim 
of building a more sustainable future.
• We have spearheaded various social innovation projects to promote actions 
that stimulate the repopulation of rural areas and have helped reduce the digital 
divide by facilitating connectivity via our telecommunication services.
We would also like to highlight that in 2020, Red Eléctrica celebrated 35 years in 
its role as the company that guarantees the proper functioning of the Spanish 
electricity system, as it is the engine of our daily life and our future development. 
Reaching this important milestone would not have been possible without the 
talent and human qualities of the people of the Group who, throughout this 
35-year period, have been able to address and tackle challenges of immense 
proportions. Therefore, together we will continue to strengthen our vocation, of 
serving society, as a business group that is fully committed to sustainability and, 
specifically, to the development of the socio-economic environment and the 
generation of opportunities in those territories where we operate.
• We have positioned ourselves as the only IBEX 35 company with gender parity  
on the Board of Directors, as well as being one of only two companies listed  
on the Spanish IBEX that is chaired by a woman. 
• We have completed Red Eléctrica’s first green bond issue for a total of 700 
million euros and also closed a new financial transaction in Peru, totalling  
30 million dollars, that also incorporates sustainability criteria.
We are fully committed to a 
green recovery, accelerating 
the pace of both the ecological 
transition and digital 
transformation in order to take 
huge steps along the road 
towards the decarbonisation 
of the economy. This will be 
achieved by driving innovation 
and promoting the talent of our 
people while strictly adhering 
to sustainability criteria.

5
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Areas of action in response to COVID-19
6
Supporting our 
suppliers
Our response to COVID-19
The Red Eléctrica Group provides essential 
services for the safety and well-being of all 
citizens. Therefore, preserving the health and 
safety of employees and guaranteeing the correct 
operation of the Spanish electricity system as 
well as the electricity, telecommunications and 
satellite infrastructure in all the countries where 
it operates have been the main concerns of the 
Red Eléctrica Group during the pandemic.
The situation derived from COVID-19 did not 
have a significant impact on the execution of the 
Group’s activities. However, from the first few 
days of February, the Company set up a steering 
committee that made it possible to implement  
a comprehensive contingency plan.
2
Caring for and 
protecting the 
health of our 
professionals
3
Strengthening 
our commitment 
to digitalisation
4
Actively collaborating 
with the groups  
most affected by  
the situation
5
Assessing  
the impact on the 
Group’s P&L
1
Guaranteeing  
the security of supply 
and the proper 
functioning of our 
infrastructure

6
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
1. Guaranteeing the security  
of supply and the proper  
functioning of our infrastructure
The Group and more specifically Red Eléctrica de 
España, as the company that owns the electricity 
transmission infrastructure and is responsible 
for the management of the system, has been 
fully committed to the objectives of the Spanish 
authorities, and therefore has implemented a 
set of extraordinary measures, with the aim 
of complying with its obligations established 
in Law 24/2013, to ensure the continuity and 
security of the electricity supply, such measures 
that were made compatible with the priority of 
guaranteeing the health and safety of its workers 
and compliance with the authorities’ health  
policy to curb the spread of the virus.
Electricity demand fell by 8% in the first six 
months of the year compared to the previous 
year, having fallen by 13.3% during the period of 
the state of emergency, between 15 March and 
21 June. Despite the anomalous situation, Red 
Eléctrica de España guaranteed the electricity 
supply to all homes and essential services in 
Spain at all times. Nevertheless, the scenario 
associated with COVID-19 has not slowed 
down the progress of the energy transition. 
Furthermore, the number of GWh produced by 
renewables increased by 10.3% in the first four 
months of 2020 compared to the same period 
in 2019. In fact, April closed with renewables 
representing 47.3% of the generation mix. The 
boom in renewables, together with the 11.8% 
drop in electricity generation compared to the 
During the state of emergency, 
the Red Eléctrica Group
guaranteed the electricity 
supply to all households and 
essential services in Spain  
at all times.
THE INCREASE IN 
RENEWABLES MADE
THE CLEANEST MONTH IN TERMS OF 
GREENHOUSE GAS EMISSIONS IN THE 
LAST 10 YEARS
APRIL
2020

7
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
same month in 2019, made April the cleanest 
month in terms of greenhouse gas emissions with 
2,154,465.2 t CO₂ equivalent, almost half that of 
ten years ago.
To further ensure the guarantee of the electricity 
supply, the Company set up a third control  
centre which, like the other two, operates with  
full autonomy manned by independent teams 
working 24/7.
Similarly, additional health and safety prevention 
measures were taken regarding the teams that 
operate the Telecommunications Supervision 
Centre and the Facilities Maintenance Centre, as 
well as with the professionals that form part of 
the on-call response crews who deal with possible 
incidents in the transmission grid.
The development of new infrastructure for both 
electricity transmission and telecommunications 
suffered temporary delays due to the total or 
partial stoppage of economic activity imposed by 
the authorities, which was partly recovered in the 
last months of the year. The financial impact on 
the Red Eléctrica Group as a whole was 5% of the 
investment volume initially planned. This impact 
was mainly concentrated in the development 
of the transmission grid in Spain, although 
there were also some delays in Chile and in the 
development of the new Amazonas Nexus satellite 
of HISPASAT.
Regarding business abroad, despite the drop in 
electricity demand in Peru and Chile, operations 
continued through the following activities:
   - Contingency plan for COVID-19 with four 
phases of implementation. This contingency 
plan had to be adapted to the country’s 
regulatory changes.
   - ManTop project to cover on-site maintenance 
activities in substations, made up of a mix of 
personnel in local operation and maintenance 
areas.
   - COVID-19 essential activities’ programme, 
which defined minimum and crucial activities 
at the outset of the pandemic.
   - Modification of the working timetables of 
personnel carrying out work at Minera’s 
facilities from 8-hour shifts to 12-hour shifts in 
addition to changes in the means of transport 
in order to reduce the number of trips to and 
from work.
2. Caring for and protecting 
the health of our professionals
From the outset of the pandemic, the  
Red Eléctrica Group has deployed measures 
to safeguard the health and safety of all its 
professionals, applying tailor-made action 
protocols in each case.
• The Company implemented online working  
for all those Group employees whose activity 
could be done remotely. This represents 80%  
of the workforce in both Spain and Latin America. 
The remaining 20% of the workforce provides 
its services on-site, both in the electricity and 
telecommunications control centres managed 
and operated by the Group as well as in those 
work centres that deal with the different needs of 
the electricity grid and the telecommunications 
networks.
REMOTE 
WORKING
of the workforce 
in both Spain  
and South  
America
HEALTH  
PROTECTION 
MEASURES 
REGARDING 
COVID-19
80%

8
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
• The remote working situation is maintained 
for all those people who belong to the risk 
group. These are people who are vulnerable 
to COVID-19, people over 60 years of age, 
people who live with pregnant women or 
family members who work in the health sector, 
and people who commute to work on public 
transport.
• The return to the offices was carried out in Spain 
in September and in Peru and Chile in November, 
working in the morning only and with the 
following measures:
   - Serological analytical tests for all staff.
   - Mandatory use of face masks throughout 
the working day, even if the 2-metre safety 
distance is observed.
   - Shift and rotation system to guarantee the 
2-metre safety distance between those going 
to the office.
   - Provision of healthcare equipment for 
all employees, including surgical masks, 
hydroalcoholic gel and gloves.
   - Maintenance of virtual meetings despite being 
physically present in the workplace.
   - Suspension of the canteen service, closure 
of the vending machine area, stoppage of 
physiotherapy, sports and volunteer activities 
that require a physical presence.
   - Restriction of international travel to those trips 
that are deemed strictly necessary and always 
with the prior approval of the director of the area 
concerned.
3. Strengthening our 
commitment to digitalisation
In anticipation of the shift to digital transformation, 
the Company had already been planning the 
transition to a remote working/teleworking 
environment. In this regard, the Company has 
implemented the necessary measures to enable 
remote working for those employees who required 
it, and furthermore, cyber security has been 
guaranteed by bolstering the security measures 
implemented to protect the equipment and the 
deployment of remote access. All of this has made 
the following possible:
• More than 2,100 users connected (employees  
and collaborators) at some point to the VPN 
(Virtual Private Network).
• More than 3,125 active channels on collaborative 
work platforms.
• More than 40,000 meetings held remotely.
The Company has ensured that all 
employees have the necessary means to 
enable them to work remotely and has paid 
special attention on ensuring cybersecurity.

9
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
• More than 10,000 incidents, requests and queries 
solved remotely.
4. Actively collaborating 
with the groups most affected 
by the situation
The Red Eléctrica Group has collaborated on 
different actions focusing on the groups most 
affected by the health crisis and its economic  
and social side-effects.
• Joining and participating in the ‘Red Cross 
Responds’ project to help meet the basic 
needs of 25,000 families at risk of poverty and 
exclusion, and more specifically to meet their 
food and support needs.
   - Support for the rural environment through 
the promotion of the following initiatives: 
#Alimentos_Solidarios (Food Solidarity), a 
collaborative project with the Federation of 
Rural Women’s Associations (FADEMUR), for the 
purchase of foodstuff from 70 local livestock 
producers and market gardeners in rural areas 
and its distribution to social organisations in 
order to cover the basic needs of families at risk 
of exclusion. In total, 135,300 rations of staple 
food have been donated.
   - Company’s support and help regarding the 
online and direct sale of the products of more 
than 300 livestock, dairy producers and market 
gardeners throughout Spain through the ‘Huerta 
Próxima’ (‘A vegetable farmer near you’) project.
• Financial aid for the manufacturing of medical 
supplies:
   - ‘Open Ventilator’ pilot project for the design  
of an artificial ventilator approved by the 
Ministry of Health and promoted by the Celera 
Foundation.
   - Donation of protective equipment for 19 health 
centres in the regions of Cajamarca, Amazonas 
and San Martín, areas in which the Group’s 
activities in Peru are carried out.
   - Purchase of 36 oxygen cylinders and flow 
meters for the Moquegua Hospital and the 
health centres of the Salinas and Aguada 
Blanca National Reserve in Peru.
   - Awareness-raising activities and the provision  
of protective equipment for six districts in the 
city of Puno in Peru.
• Short-term loan of a 3D printer to the 
MakerSpace of the Library Service of the 
University of Las Palmas de Gran Canaria 
for the manufacture of more than 800 pieces  
of health protection equipment. 
• Donation of Bluetooth headphones so that 
hospitalised people, especially the elderly,  
can keep in touch with their families.
The Red Eléctrica Group has collaborated 
on different actions focusing on the groups 
most affected by the health crisis and its 
economic and social side-effects both in 
Spain and Latin America.

10
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
• Active participation in the Positive Energy+ 
initiative and support for startups in the 
development of projects that could materialise 
in the short term to help alleviate the economic 
and social impact of the crisis. 
• Involvement of the Company’s employees in the 
‘Cartas Solidarias’ (Letters to show Solidarity) 
corporate volunteering project based on the 
writing of letters for hospitalised people.
• Signing up and support for the campaign run 
by the Ministry of Equality and the Institute 
for Women and for Equal Opportunities to 
help victims of gender-based violence during 
confinement.
5. Assessing the impact 
on the Group’s P&L
From a financial perspective, the Group has been 
in a solid financial position to face these difficult 
times, having taken measures to strengthen 
liquidity. The Group has carried out two bond issues 
for a total of 1.1 billion euros in 2020, 700 million 
euros in January and 400 million euros in April and 
has also entered into loan and credit operations for 
a total of 475 million euros. After carrying out these 
operations, and after meeting both debt maturities 
and payments as a result of the acquisition of Argo 
Energía in Brazil, the liquidity position at the end 
of 2020 stands at 2.412 billion euros, 482 million 
euros of available cash and 1.93 billion euros of 
available credit facilities, and ensures that the 
Group can meet operating cash flow needs, debt 
maturities in the coming years, as well as adverse 
situations in the financial markets that may arise in 
the coming months as a result of the evolution of 
the current crisis. The Group will have to face debt 
maturities of 1.206 billion euros in the next two 
years, 164 million euros in 2021 and 1.042 billion 
euros in 2022.
From a financial 
perspective, 
the Group has 
been in a solid 
financial position 
to face these 
difficult times, 
having taken 
measures to 
strengthen 
liquidity.

11
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
6. Supporting our suppliers
The Red Electrica Group has taken into account the 
complicated circumstances faced by its suppliers. 
To this end, it has taken the following measures:
• Ongoing communication with suppliers 
that account for 80% of current contracted 
expenditure, identifying the health status of their 
employees, their capacity to restart temporarily 
suspended work and the suppliers overall 
financial situation.
• Adaptation of the monitoring of the financial 
status of suppliers, considering the sector to 
which they belong, their capacity to meet their 
obligations and the detection of non-payments.
• Identification of alternative solutions to facilitate 
the continuity of suppliers that could fall into 
financial difficulties due to the crisis, taking 
into account the sector to which they belong, 
their financial difficulties due to the crisis, and 
thereby facilitating the temporary extension of 
those contracts where the personnel authorised 
by the suppliers to provide these services are 
on furlough in addition to the identification of 
potential actions linked to providing greater 
liquidity to suppliers whose businesses could  
be affected by the COVID-19 crisis.
• Execution of actions in the event of the shutdown 
of non-critical activity during the emergency 
period, with only essential services operating:
   - Processing of written documentation that 
authorises the travel needs of supplier and 
their staff to move to and from worksites  
thus allowing them to carry out their 
contracted work.
   - Continuity of contracting, as it is considered 
essential to give visibility to the market in order 
for it to make decisions on the future viability 
of the Company’s business activities.
   - Relaxation of the criteria for restricting 
suppliers suffering financial difficulties, 
allowing them to be awarded bigger contracts.
   - Analysis of the stock inventory and taking 
action to guarantee minimum stock levels  
to deal with breakdowns/system faults.
   - Analysis of the requirements for materials  
on a 3-month horizon and the degree 
of coverage of the minimum stock level 
established by the Group.
   - Ensuring the activities performed by logistics 
operators, guaranteeing that storage and 
logistics distribution services were performed 
without incident.
Additional information is provided in the 
Materialised risks subsection in the Risk 
Management 
  section of this report.
The Red Eléctrica Group is committed  
to a green recovery as the only way out of 
the economic crisis caused by the COVID-19 
pandemic. For the Company, the focus of this 
model is the promotion of an inclusive and just 
energy transition. In this regard, it has joined 
initiatives both in Spain and internationally that 
are committed to sustainability as a lever  
for economic recovery after the crisis, such 
as the Manifesto ‘For a sustainable recovery’ 
promoted by representatives from the fields  
of politics, business, trade unions, science and 
the third sector in Spain, in line with the European 
Green Recovery Alliance. We have also joined the 
declaration ‘Uniting Businesses and Governments 
to Recover Better’, promoted by the prestigious 
Science Based Targets initiative and supported  
by the United Nations, which in both cases  
seek to encourage a way out of the COVID-19 
crisis based on a  people-centric solution, 
the achievement of the 2030 Agenda and an 
ambitious climate-based action plan.
Committed to  
a Green Recovery

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
12
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The Sustainability Report of the Red  
Eléctrica Group reflects the Company’s 
commitment and contribution to sustainable 
development and its ability to take on global 
challenges. In this respect, this report 
incorporates the latest trends in reporting 
and offers thorough, reliable and balanced 
information on the Company’s management and 
performance in terms of sustainability during 
2020, focusing on those aspects identified  
as material issues for the Red Eléctrica Group  
and its stakeholders. / 102-50
This focus on quality, rigour and transparency 
 in the Company’s yearly communication  
with stakeholders regarding the progress made 
in the implementation of the 10 Principles of 
the United Nations Global Compact in the areas 
of human rights, labour standards, the natural 
environment and the fight against corruption  
and in support of the Sustainable Development 
Goals (SDGs), has enabled the Company to reach 
the ‘Advanced-level’ reporting status, the highest 
qualification awarded by the United Nations  
Global Compact.
Furthermore, the Sustainability Report was ranked 
in the fourth position of the 2020 Reporta Report, 
a study that, since 2010, analyses the quality  
of the information companies listed on the Madrid 
Stock Exchange General Index make available to 
their shareholders and stakeholders when holding 
their ordinary Annual General Shareholders’ 
Meeting.
A benchmark report at the 
forefront of reporting standards
The quality, 
rigour and 
transparency  
of the 
Sustainability 
Report of the Red 
Eléctrica Group  
is recognised by 
its stakeholders, 
who consider it  
a leading report 
in Spain.

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
13
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
and appropriate information on the  
Company’s ability to create value, the Red 
Eléctrica Group has incorporated information in 
accordance with the Sustainability Accounting 
Standards Board reporting standard for the 
application aspects of the Electric Utilities and 
Power Generators and Telecommunications 
Services sectors. The incorporation of this 
reporting framework, a benchmark for the 
investment markets, makes the Company the  
first in the IBEX 35 to follow this standard in its 
annual Sustainability Report.
The Annexes 
 section of this Report includes  
a table of contents in relation to GRI, SASB, TCFD 
and CDBS reporting standards.
Similarly, it responds to Recommendation  
55 of the Good Governance Code of Listed 
Companies of the National Securities Market 
Commission (CNMV) and also includes aspects 
As a major new feature, in 2020 the Report 
integrates the recommendations of the  
Task Force on Climate-related Financial 
Disclosures (TCFD), created by the Financial 
Stability Board (FSB). These recommendations 
provide a reporting framework for climate-related 
risks and opportunities to improve investors’ 
understanding of the impact these risks and 
opportunities. This edition of the Report also 
responds to the requirements of the Climate 
Disclosure Standards Board (CDSB) framework 
on environmental and climate change reporting, 
which provides clear, concise and comparable 
information that connects environmental risks 
and opportunities to the business strategy and 
value creation model. This is one of the reporting 
frameworks mentioned by the TCFD in its 
recommendations.
Since 2019, and in order to continue making 
progress in offering stakeholders more complete 
Reporting frameworks
The Red Eléctrica Group has published  
the 17th Edition of this Report, which since  
2003 has been prepared in accordance with the 
Global Reporting Initiative (GRI) Guidelines and 
includes the additional information applicable 
and required in the Electric Utilities sector 
supplement in its G4 version. Specifically, the 
2020 Sustainability Report has been prepared 
following the GRI standards: Comprehensive 
option. / 102-51 / 102-52 / 102-54.
Noteworthy has been the early adoption of the 
new GRI standards, the reporting of which will not 
be mandatory until 2021. Specifically, the GRI 207 
standard on Tax matters and GRI 303 standard  
on Water and effluents were adopted in 2019,  
and the GRI 403 standard on Occupational Health 
and Safety was adopted in 2020.
The Report integrates the recommendations of the Task Force on Climate-
related Financial Disclosures (TCFD) for the reporting of climate-related risks 
and opportunities and the requirements of the Climate Disclosure Standards 
Board (CDSB) framework on environmental and climate change reporting.

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
14
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
verification by Ernst & Young, who conducted 
a limited assurance review. As a result of the 
verification process, Independent Assurance  
Reports are prepared, which include the objectives 
and scope of the process as well as the verification 
procedures used, and the conclusions reached.  
Such reports are included in the Annexes 
 section  
of this document. / 102-56
To our readers
The Red Eléctrica Group invites the readers 
of this report to explore in greater detail the 
information about the Company’s management 
and performance via the data published on its 
corporate website, or through the Annual Corporate 
Governance Report and the Consolidated Annual 
Accounts of the Red Eléctrica Group, which include 
the Management Report regarding the Group’s 
businesses and its non-financial information, 
and which responds to the requirements of Law 
11/2018, of 28 December, on disclosure of non-
financial and diversity information.
Red Eléctrica welcomes opinion on this report. Please 
send us your comments and suggestions through 
the various channels made available. / 102-53
2020, Red Eléctrica Internacional, S.A.U. (REI) and 
the Colombian company Grupo Energía Bogotá 
S.A. ESP (GEB) reached an agreement to, jointly 
and equally, acquire 100% of the ordinary shares 
of Argo Energía (Argo Energia Emprendimientos 
e Participações S.A.) / 102-10. If and when the 
information reported does not cover the full scope 
desired, the corresponding chapter of each Report 
can provide more in-depth data. / 102-45
In order to assess the evolution of the performance 
of the Red Eléctrica Group over time, the report 
provides data from previous years. Regarding 
previous reports, no relevant information has been 
reformulated, although it is possible that data has 
been updated or that the calculation formula for a 
specific indicator has changed, in which case the 
changes are indicated in the corresponding section. 
/ 102-48
Also, in this edition, noteworthy is the inclusion, 
for the first year, of the Green Bond Report in the 
Annexes 
 section of this report.
To verify and guarantee the reliability of information 
to be presented to the various stakeholders, the 
Company has submitted this report to external 
defined by the International Integrated Reporting 
Council (IIRC) for the drafting of comprehensive 
reports.
Scope, content and assurance
Regarding the scope of coverage, the Sustainability 
Report of the Red Eléctrica Group contains relevant 
information on the management approach, 
actions, and results of the Group’s activities. The 
shareholding structure of the Group is detailed in 
the Consolidated Annual Accounts Report, and  
the Group’s governance structure is described in 
the ‘Red Eléctrica Group’ 
 section of this report. In 
this regard, it should be noted that on 22 November 
In 2019, the Red Eléctrica 
 Group became the
TO INCORPORATE THE SUSTAINABILITY 
ACCOUNTING STANDARDS BOARD (SASB) 
REPORTING STANDARD IN ITS ANNUAL 
SUSTAINABILITY REPORT
FIRST COMPANY  
IN THE IBEX 35
Corporate websites
www.ree.es/en
www.reinternacional.com/en
www.reintel.es/en
www.hispasat.com/en/inicio
www.elewit.ventures/en
Dígame Service
www.ree.es/en/
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centre
digame@ree.es
+34 917 286 215
Whistle-blowing channel 
https://www.ree.es/en/corporate-
governance/ethics-and-
compliance
Investor channel
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and Helpdesk Service)
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i

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
15
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
In 2019, to advance the 2030 Sustainability 
Commitment, the Red Eléctrica Group updated its 
Materiality Study in accordance with the Global 
Reporting Initiative (GRI) standards for the drafting 
of sustainability reports. This report focuses 
on those issues identified as relevant in said 
materiality analyses.
The materiality study stems from an analysis 
of the Group’s sustainability context that enables 
the Company to have a global vision of the 
environment in which the organisation operates  
to review the planning in sustainability matters  
for the corresponding period. The context is 
prepared taking into account all the business 
activities and geographical areas in which  
the Group operates.
The impact of the COVID-19 pandemic on  
the business model of the Red Eléctrica Group  
has not required a review of the results of the 
Materiality Study. However, it is evident that the 
management of the issues, especially those of 
‘Health and safety and well-being’ and ‘Digital 
transformation’, now include new aspects.
Drafting process
Materiality
102-43 / 102-44 / 102-46 / 102-47 / 102-49
Analyse the sustainability context to 
identify the significant impacts, risks 
and opportunities that affect or may 
affect the Group’s sustainability.  
The process is carried out with the 
active participation of stakeholders.
 
 
 
Internal and external assessment  
of the criticality of the identified 
issues for achieving the Company’s 
long-term objectives and maximising 
its contribution to fulfilling the 
overall goals.
Cross-cutting analysis within the 
organisation of the results arising 
from the issue identification  
and issue prioritisation phases.
The Company identified a total of 16 relevant issues in  
the review of the sustainability context, and that includes  
the following analyses:
• Trend analysis.
• Industry Benchmarking.
• Strategic interviews with the senior management team  
and key technical personnel at the Company.
• In-depth interviews with external stakeholders.
• Analysis of internal information.
The prioritisation matrix provides a dual analysis  
of the issues, revealing both their internal importance,  
assigned by the senior management team and key technical 
personnel of the Company, and their external reputation,  
based on the value given by the external stakeholders  
who were consulted.
The validation phase included within the design of the 2030 
Commitment to Sustainability has had the participation of key 
areas of the Red Eléctrica Group and with whom the results 
of the previous phases were assessed, and the opportunities 
associated with each of the material issues were identified, as 
well as their impact on the 2018-2022 Strategic Plan and any 
connection with the Sustainable Development Goals.
Issue 
identification
Issue 
prioritisation
Issue 
evaluation  
and validation
Objective
Development

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
16
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Relevant issue prioritisation  
matrix
The materiality analysis determined 16 material 
issues for the Red Eléctrica Group and its 
stakeholders, which define the Company’s 
Sustainability Plan.
Internal Relevance
External Relevance
Critical
1	
Energy transition
2	
Climate emergency
3	
Innovation and technology
High
4	
Digital transformation
5	
Biodiversity and natural 
capital
6	
Corporate governance and 
ethics
7	
Diversity
8	
Financial strength
9	
Contribution to society
10	 Circular economy
11	 Occupational health & safety 
and well-being
12	 Ties with the communities
13	 Supply Chain
14	 Customer orientation
Medium
15	 Talent
16	 Digital Divide
ISSUE 
PRIORITISATION 
Prioritisation matrix
5
6
9
8
7
10
11
14
13
12
15
16
4
2
1
3

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
17
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Materiality issues: description and impact / 103-1
The need to develop a new energy model, driven  
by European policies, overall climate goals and cost 
reduction, has implications for the business models 
of energy companies that must respond to specific 
challenges including the integration of a higher 
percentage of renewable sources in the energy mix,  
the need to have energy storage to cope with the 
variability of these energies and the increased  
use and number of electric vehicles.
Meeting the target of limiting the temperature  
increase to 1.5°C is only possible by  
adopting and developing ambitious efficiency  
and emission reduction strategies. It is essential  
that the business sector assesses the risks arising  
from climate change and takes a proactive  
stance in mitigating the problem by contributing  
to the achievement of the targets defined in the  
Paris Agreement.
The fourth industrial revolution will mean the 
development of new technologies that merge the 
physical and digital world. In this regard, in the coming 
years, it is expected that tools, such as artificial 
intelligence, robotisation and virtualisation will be part 
of the processes, providing efficiency and security and 
that the creation of internal innovation fabric and the 
establishment of collaborations with external agents  
will be contemplated, allowing the incorporation  
of new ideas within companies.
• Climate change and the  
Energy transition  
• Sustainable development  
of the transmission grid  
• Integration of renewables  
• Flexibility of the system  
 
• Trends and opportunities  
  
• Risk Management  
 
• Climate change and the Energy 
transition  
• Reduction of the carbon  
footprint  
• Transformation: digital,  
cultural and technological 
innovation  
201-2 
EU10
102-29 / 201-2 /  
302 / 305 / EU12
102-31 / 203-1
∫
∫
∫
∫
∫
∫
Energy  
transition
Climate  
emergency
Innovation  
and technology
Issues
Materiality  
consideration
Section 
in this 
report
GRI 
Indicators
Sustainable  
Development 
Goals (SDGs)
Impact
INT   EXT
Continued on next page >>

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
18
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Advanced data analytics (Big Data, predictive analysis,  
etc.) will provide flexibility to the management of data  
and its traceability and the possibility of monitoring  
it, thus enabling the complete control of the data. Thanks  
to these systems, the information generated by the 
internet of things (IoT) can be analysed and interpreted, 
obtaining an unprecedented vision and amount of valuable 
data that robotisation will take to the physical plane.
Biological diversity is under threat worldwide,  
which will affect the quality and quantity of resources  
that can be obtained from ecosystems. Similarly,  
the climate emergency will put additional pressure  
on ecosystems and contribute to the sixth mass  
extinction.
Companies integrate sustainability into their  
corporate governance structures and design incentives 
linked to sustainability objectives, with an impact 
on remuneration schemes at the highest level of 
management, in order to ensure that the goals  
of the governing bodies and the management team are 
geared towards achieving the business purpose. All this 
reflects a growing ESG shareholder activism marked by an 
increase in passively managed assets, the concentration 
of equity in a smaller number of managers and the greater 
presence of institutional investors who integrate ESG 
criteria into their decision-making process.
• Transformation: digital,  
cultural and technological 
innovation  
• Comprehensive Corporate  
Security  
• Responsible Environmental 
Management  
• Conservation  
of natural capital  
• Corporate Governance  
• Ethics and Compliance  
∫
∫
∫
∫
∫
Digital 
transformation
Biodiversity  
and natural capital
Corporate 
governance  
and ethics
Continued on next page >>
The current  
GRI Standards  
do not include 
indicators linked  
to this issue
102-15 / 102-29 /  
102-31 / 303 / 304 / 
306-1 / 306-3 /  
306-5 
102-16 / 102-17 /  
102-18 to 102-39 / 
205-1 to 205-3
Materiality issues: description and impact / 103-1  Continued
Issues
Materiality  
consideration
Section 
in this 
report
GRI 
Indicators
Sustainable  
Development 
Goals (SDGs)
Impact
INT   EXT

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
19
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Companies are aware that having diverse  
environments according to different factors (age, 
knowledge, culture, skills) brings many advantages  
to organisations. With respect to gender equality, there 
is consensus that cultural stereotypes that have limited 
women’s ability to take advantage of career opportunities 
to the same extent as their male peers must be 
addressed.
Investors have progressively moved towards  
more responsible positions in their asset allocations, 
consolidating the concept of socially responsible 
investment (SRI). Sustainable loans and green bonds 
are also one of the fastest-growing market segments, 
although they still occupy a marginal position in the 
global market.
Society increasingly demands that companies develop 
their operations to ensure the provision of a service and 
ensuring that this is done responsibly and generating 
value for society, especially in the areas where the 
Company’s facilities are located. Stakeholders expect 
companies to be involved in the solution of the main 
social and environmental problems, integrating them 
into their business strategies and measuring and clearly 
communicating the value that their activity brings  
to society.
• Employees  
• Economic results  
and financial strength  
• Contribution of the  
Company’s activities  
• Socio-economic  
development of the  
territory  
∫
∫
∫
∫
Diversity
Financial strength
Contribution 
to society
102-8 / 102-22 /  
102-24 / 102-35 /  
401-1 / 405 / 406-1
201-1 / 201-2 /  
201-4
102-12 / 102-13 /  
201-1 / 204-1 /  
401-1
Continued on next page >>
Materiality issues: description and impact / 103-1  Continued
Issues
Materiality  
consideration
Section 
in this 
report
GRI 
Indicators
Sustainable  
Development 
Goals (SDGs)
Impact
INT   EXT

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
20
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The need to make more efficient use of natural 
resources has precipitated a change in production 
models and consumption patterns, encouraging reuse 
and savings in the consumption of materials. At the 
same time, growing restrictions on access to some 
of these resources have led to greater price volatility, 
which generates significant uncertainty in how business 
is carried out.
Poor occupational health and safety performance 
can be a risk that may have a high impact on a 
Company’s reputation. In addition, a new trend in the 
field of occupational health is the consideration by 
companies of issues such as the well-being or the care 
of employees’ mental health to prevent accidents arising 
from situations of emotional stress.
The level of conflict with local communities has 
increased due to opposition to the development and 
construction of new infrastructure. Companies should 
consider the population as a potential ally for the 
implementation of their projects. In this regard, it 
is essential to generate trust and develop effective 
communication channels in order to produce positive 
results and impacts for all the players involved.
• Responsible Environmental 
Management  
• Employees  
• Relationship with  
the socio-economic  
environment  
∫
∫
∫
∫
∫
Circular economy
Occupational  
health & safety  
and well-being
Ties with  
the community
306-2 / 306-3 /  
306-4
403 / 409-1 /  
EU18
102-21 / 102-43 /  
413-1 / 413-2
Continued on next page >>
Materiality issues: description and impact / 103-1  Continued
Issues
Materiality  
consideration
Section 
in this 
report
GRI 
Indicators
Sustainable  
Development 
Goals (SDGs)
Impact
INT   EXT

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
21
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The supply chain is a strategic component of business 
activity given the potential economic, environmental, and 
even reputational impacts of inadequate management. This 
is particularly evident with regard to sustainability, where 
companies must extend their commitment to suppliers. 
Supply chain performance is key to achieving common 
goals. Other opportunities are arising from this increased 
engagement of companies with their suppliers and the 
generation of alliances that allow access to new  
best practices and raise awareness on the relevant  
know-how.
A new generation of consumers with growing expectations in 
their relationship with companies is becoming more evident. 
Given this, companies focus their efforts on maintaining 
a constant dialogue with customers in order to know their 
expectations to improve the services provided. This becomes 
especially relevant in a context of growing consumer 
empowerment. Customers demand joint value creation with 
companies and increased access to relevant information.
Companies must adapt to the characteristics and 
preferences of new generations of employees in order to 
be more competitive in attracting new talent and retaining 
existing talent, particularly digital talent. The shortage of 
professionals trained in these new areas in the market 
and the increasing competition from employers for their 
services poses a major challenge. Similarly, in contexts 
of business growth and diversification, where there are 
increasingly large and diverse workforces, it is necessary 
to promote a business culture based on common corporate 
values.
• Supply Chain  
• Customer  
orientation  
• Employees  
∫
∫
∫
Supply chain
Customer  
orientation
Talent
102-9 / 102-10 /  
204-1 / 308 /  
407-1 / 408-1 /  
409-1 / 414
102-21 / 416 /  
EU26 / EU28 and  
EU29 / 418-1
401-1 / 404-1 /  
404-2 / 404-3 /  
412-2
Continued on next page >>
Materiality issues: description and impact / 103-1  Continued
Issues
Materiality  
consideration
Section 
in this 
report
GRI 
Indicators
Sustainable  
Development 
Goals (SDGs)
Impact
INT   EXT

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
22
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The spread of new technologies and Internet 
access worldwide is an indicator of economic growth. 
However, this expansion has occurred unevenly, 
resulting in the creation of a digital divide that,  
if maintained, could increase the existing situation  
of inequality both between countries and between 
regions within countries.
• Socio-economic  
development 
of the territory  
∫
∫
Digital divide
The current  
GRI Standards  
do not include 
indicators linked  
to this issue
Materiality issues: description and impact / 103-1  Continued
Issues
Materiality  
consideration
Section 
in this 
report
GRI 
Indicators
Sustainable  
Development 
Goals (SDGs)
Impact
INT   EXT

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
23
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Stakeholder materiality
In 2019, as part of the initiative to update  
the perception studies, a materiality section 
was included in which the representatives of 
each stakeholder group included in the study 
assess the relevance and priority of the issues 
in terms of sustainability, and evaluate the 
performance that they perceive the Company 
is achieving for each of them.
With the information gathered in the  
2019 and 2020 studies, a matrix is obtained,  
which enables the priority of the issues to be 
analysed in relation to the Group’s performance, 
in accordance with the average assessment 
received from the averages of each of the 
stakeholder groups surveyed. The average 
relevance can also be seen depicted by the  
size of the coloured circles (in the graphic  
on the right).
It is clearly evident that the Energy transition 
issue is the most relevant aspect (identified 
by the majority as one of the most pertinent 
aspects), and the one with the highest priority, 
being ranked as a critical issue. Innovation and 
technology, Climate emergency and Contribution 
to society are also considered highly relevant  
for all stakeholders. In terms of weighted 
average performance, the performance 
regarding these three aspects is ranked  
as adequate.
Weighted average priority
6
8
10
12
14
16
18
20
22
30
28
26
24
22
20
Weighted average performance
1	 Energy transition
2	 Climate emergency
3	 Innovation and technology
4	 Contribution to society 
5	 Digital transformation
6	 Biodiversity and natural capital
7	 Corporate governance and ethics
8	 Financial strength
9	 Ties with the communities
10	Occupational health & safety and well-being
11	 Diversity
12	Circular economy
13	Talent
14	 Digital divide
15	 Customer orientation
16	Supply Chain
Priority
P >= 20	
Critical
10 < P < 20	 Very relevant
0 < P < = 10	 Relevant
Performance
D = 40	
Differentiating 
	
level
30 < D < 40	
Advanced level
20 < = D < 30	 Adequate level
D < 20	
Opportunity for 
	
improvement
Stakeholder materiality matrix
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
24
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The assessment of the priority of the 16 issues, 
according to the perception of each of the 
stakeholders included in the 2019 and 2020 
studies, is detailed below:
Priority of issues by stakeholder group
7
1
8
13
10
11
3
5
14
16
2
12
6
15
9
4
STAKEHOLDER CATEGORY
Business Sector and Professional Associations
Suppliers
Investors, Shareholders and Partners
Opinion Generators
Social Environment
STAKEHOLDER GROUP
Business and Professional Associations
Suppliers
Financial institutions
Financial analysts
The Media
Social agents and associations
Educational institutions
Environmental groups
NGOs and foundations
  >= 20 critical
  Between 10 and 20 very relevant
  <= 10 Relevant

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
25
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Red Eléctrica 
Group 
We are a global operator  
of essential infrastructure, 
and manage electricity  
grids, fibre optic networks 
and satellites. 
1

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
26
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The Red Eléctrica Group is a global operator of 
essential infrastructure, managing electricity 
transmission grids in Spain, Peru, Chile and Brazil, 
and telecommunications networks (dark fibre and 
satellites), with the incorporation of a significant 
level of innovation and technological development.
The Company
Guarantee the electricity supply and connectivity
The mission of the Company is to guarantee  
the electricity supply and ensure connectivity in the 
field of telecommunications, promoting a just ecological 
transition based on sustainability criteria, whilst  
showcasing our neutrality and contributing  
to social cohesion.
Telecommunications
Electricity
Talent
Our
CORE STRENGTHS
Our 
ETHICAL VALUES
Our 
MISSION
Respect
Integrity
Sustainability

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
27
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
In 1985, Red Eléctrica de España, S.A. was set 
up as the first company in the world dedicated 
exclusively to the transmission of electricity and 
the operation of an electricity system.
During the 35 years the Company has existed, we 
have assumed the responsibility of developing a 
business model capable of converting challenges 
into opportunities, based on excellence, innovation, 
integrity and transparency and making our activity 
compatible with environmental care and the 
generation of shared value for society.
Today, as it was three decades ago, the objective of 
the Red Eléctrica Group remains clear: maximising 
our position as a global operator of critical 
infrastructure to be useful to society.
The Group keeps its sights set on the future, on 
its relevant role in the energy transition, through 
electricity and telecommunications and with  
a greater commitment than ever to sustainability 
while maintaining its clear focus intact: its 
people. The success story of Red Eléctrica over 
these 35 years is only as a consequence of the 
professionalism, talent, and desire of a team  
of committed people who have made enormous 
challenges possible while constantly seeking  
to innovate.
REE’s 35th Anniversary: 
A Success Story  
Today, as it was three decades ago, the 
objective of the Red Eléctrica Group remains 
clear: maximising our position as a global 
operator of critical infrastructure to generate 
value and be useful to society.

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
28
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Company Milestones (35 years)
1985 - 1988
• Red Eléctrica 
was set up as 
the first TSO in 
the world. 
1997 - 2004
• Privatisation of the Company through an IPO.
• Creation of Red Eléctrica Internacional (REI) for investment in projects 
abroad (Peru).
• Design and undergrounding of the power cable for the Barajas Airport  
(first 400 kV underground line in Spain).
• Process for the acquisition of assets from electric utility companies begun.
1988 - 1997
• Years of significant progress in the expansion of the 
transmission grid.
• Design and construction of the first electricity interconnection 
between two continents (Spain-Morocco link).
• Company begins its own fibre optic development within the 
national electricity grid in Spain.
2004 - 2012
• Red Eléctrica listed in the IBEX 35.
• Commissioning of the second  
Spain-Morocco link.
• Creation of the Control Centre of 
Renewable Energy (CECRE).
• Creation of INELFE, jointly owned in 
equal shares with RTE, to carry out 
interconnection projects with France.
• Red Eléctrica assumes the operation 
and management of the non-peninsular 
grid systems (acquisition of electricity 
grid assets on the islands).
2012 - 2018
• Commissioning of the Spanish mainland-Balearic 
Islands link.
• Acquisition of rights to use and manage ADIFs  
dark fibre optic network.
• REINTEL created to promote telecommunications 
and REINCAN for the development of energy storage 
projects in the Canary Islands.
• Design and laying of the Majorca-Ibiza link.
• Commissioning of the Spain-France cross-border 
connection.
• Investment in electricity transmission networks  
in Chile (TEN and REDENOR).
2018 - 2020
• Acquisition of 
HISPASAT.
• Creation of Elewit; 
the Group’s 
technology company.
• Investment 
in electricity 
transmission 
networks in Brazil 
(Argo Energía).
• Commissioning of 
the Majorca-Menorca 
link.
1985
1988
1997
2004
2012
2018

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
29
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Continued on next page >>
Diversified 
IN THE KEY SECTORS 
OF THE ECONOMY
Stable 
MORE FINANCIALLY SOUND  
AND WITH BETTER  
CAPITALISED BUSINESSES
Today the Red Eléctrica Group is a business group that is ...
Electricity  
business 
(Spain and Latin 
America)
Fibre optic 
business
Satellite  
business
Technology 
innovation 
business
2016
2017
2018
2019
2020
636.9
669.8
704.5
714.8
621.2
Net profit / M€ /
Necessary 
TO MAKE THE  
ENERGY TRANSITION  
POSSIBLE
2016
2017
2018
2019
2020
48,073
48,144
48,678
55,426
59,443
Renewable installed power 
capacity / MW /

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
30
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Committed 
TO SUSTAINABLE DEVELOPMENT 
Member of the most prestigious sustainability  
indexes worldwide
Beneficial for society 
FROM A SOCIAL STANDPOINT
98.56 %
availability 
of the electricity 
grid in Spain
99.95 %
availability rate  
of the transmission 
system in Chile 
(TEN)
99.83 %
availability rate  
of the transmission 
system in Peru
100 %
availability 
of the payload 
capacity of the 
satellite fleet
Today the Red Eléctrica Group is a business group that is ... / continued

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
31
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Business activities
102-2 / 102-4 / 102-6
Countries in which  
the Red Eléctrica Group  
is present
Satellite coverage area
Presence of the Red Eléctrica Group in the world
Countries  
where HISPASAT 
services have  
been contracted  
in 2020
Germany, Algeria, 
Argentina, Bolivia, 
Brazil, Chile, 
Colombia, Cuba, 
Ecuador, Slovakia, 
Spain, United States, 
Israel, Italy, Morocco, 
Mexico, Norway, 
Paraguay, Peru, 
Portugal, Puerto Rico, 
The Czech Republic 
and Turkey.
TELECOMMUNICATIONS
TECHNOLOGICAL  
INNOVATION
ELECTRICITY 
BUSINESS ABROAD:  
RED ELÉCTRICA 
INTERNACIONAL (REI)
ELECTRICITY BUSINESS 
IN SPAIN:
RED ELÉCTRICA DE ESPAÑA 
(REE) + RED ELÉCTRICA 
INFRAESTRUCTURAS EN 
CANARIAS (REINCAN)

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
32
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
FEB  
2020
MAR  
2020
APR  
2020
MAY  
2020
JUN  
2020
JUL  
2020
AUG  
2020
SEP  
2020
OCT  
2020
NOV  
2020
DEC  
2020
JAN  
2020
Significant 
events during the year
Issuance 
of green 
bonds 
in the 
amount 
of 700 
million 
euros.
Commissioning  
of the new 
submarine 
electricity link 
between Menorca 
and Majorca.
Renewal of 
the agreement 
between 
REINTEL and 
ADIF AV for the 
maintenance 
and operation 
of dark fibre 
optics.
Agreement with ENEL Green Power 
for the construction and subsequent 
operation and maintenance of the 
transmission infrastructure necessary 
to integrate 400 MW of renewable 
energy into Chile’s National Electricity 
System.
-
Signing of the agreement between 
Elewit and IBM to accelerate the digital 
transformation of the management 
electricity grid assets, commercialising 
SAGA software (Advanced Asset 
Management Solution).
-
75.9% coverage of instantaneous 
demand with wind generation  
(3 November at 5.20 a.m.).
Launch of Elewit,  
the commercial brand 
of Red Eléctrica y de 
Telecomunicaciones, 
Innovación y 
Tecnología (RETIT).
-
Presentation of  
the Chira-Soria 
pumped-storage 
hydroelectric power 
station project 
following the latest 
public consultation 
process.
Appointment 
of Beatriz 
Corredor as 
Chairwoman 
of the Board of 
Directors and 
non-executive 
Chairwoman.

SUSTAINABILITY 
REPORT
2020
www.ree.es/en
33
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Electricity transmission 
and system operator  
in Spain
International 
business
Construction  
of international 
interconnections
Spain-France
100 %
50 %
100 %
100 %
100 %
100 %
100 %
Energy storage  
in the Canary Islands
Telecommunications business
Innovation, 
financing and risk 
reinsurance
REDESUR  
(Peru)
TESUR (100%)
TESUR 2 (100%)
TESUR 3 (100%)
TESUR 4 (100%)
Red  
Eléctrica 
Andina - REA  
(Peru)
REDELNOR 
(Peru)
CCNCM 
(100%)
Red Eléctrica 
Chile
TEN (50%)
REDENOR  
(70%)
REDENOR 2 
(100%)
Red Eléctrica 
Brazil
ARGO ENERGÍA (50%)
ARGO I (50%)
ARGO II (50%)
ARGO III (50%)
Structure of the 
Red Eléctrica Group 102-1 / 102-2 / 102-5 / 102-10 / 102-45
Red Eléctrica Corporación / Structure of the Group as at 31 December 2020
89.68 %

34
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Strategy
Our mission is focused on 
guaranteeing the electricity 
supply and connectivity 
incorporating criteria 
based on sustainability 
and neutrality. 
2

35
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Macroeconomic environment 
• The global economy rebounded in the third 
quarter, following the sharp slowdown 
observed with the implementation of pandemic 
containment measures and positive news 
about the development of several vaccines 
against COVID-19, partly improving the 
estimate of global GDP growth in 2020 
compared to previous estimates to around 
-3.5%. This slowdown is conditioned by the 
heterogeneity of the response to the pandemic 
in different countries, as well as uncertainty 
about the time needed to vaccinate the general 
population and should therefore be treated  
with caution.
• The fall in oil demand as a result of the health 
crisis coupled with the price war between Saudi 
Arabia and Russia caused a historic plunge in 
the price of oil, bringing the average price of 
Brent crude oil to USD 42.73/barrel in 2020, 
33.6% lower than in 2019. However, what should 
have been a positive boost for net oil-importing 
economies has not been reflected due to the 
devastating effects of the pandemic.
• Monetary policy action on a massive scale has 
played a significant role in containing the impact 
of the deep contraction in economic activity. 
These policies have been complemented 
by the measures adopted by governments, 
including, most notably, the granting of public 
guarantees for corporate financing and the 
promotion of temporary furlough schemes to 
reduce costs at times when it has not been 
possible for them to operate, which, to a 
certain extent, has made it possible to offset 
the conditioning factors mentioned in the 
previous point.
• In addition, most governments at an 
international level have approved economic 
stimulus plans to reactivate the economy, 
focusing a significant part of the investments 
on the development of the energy transition 
and digitalisation. In this regard, the 
European Union agreed on an exceptional 
temporary recovery instrument known as 
Next Generation EU for an amount of 750 
billion euros. The funds can be used to grant 
repayable loans of up to 360 billion euros 
and non-repayable transfers of up to 390 
billion euros. The two largest instruments of 
Socio-economic and 
regulatory environment
THIS SLOWDOWN IS CONDITIONED BY  
THE HETEROGENEITY OF THE RESPONSE  
TO THE PANDEMIC IN DIFFERENT  
COUNTRIES, AS WELL AS BY  
THE UNCERTAINTY THAT EXISTS  
SURROUNDING THE PANDEMIC
-3.5 %
EVOLUTION OF  
GLOBAL GDP IN 2020

36
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
the Next Generation EU are the Recovery and 
Resilience Facility (RRF) (672.5 billion euros) 
and the REACT EU Fund (47.5 billion euros).
• The latest forecasts project an improvement 
in global growth rates for 2021, which 
is expected to increase to 5.5%, under 
the assumption that the epidemiological 
situation will not worsen in the coming 
quarters. However, these forecasts stress that 
uncertainty is high.
Spain
• After a year of some uncertainty and political 
stalemate, with the repetition of general 
elections, the beginning of 2020 has been 
accompanied by an unblocking of the political 
situation in Spain, with the formation, for 
the first time ever, of a coalition government 
(PSOE-Unidas Podemos). The ability to 
govern has not been easy due to complicated 
parliamentary arithmetic, however, it has 
been possible to approve the General State 
Budget Law for 2021, which incorporates 
a first tranche of recovery funds from the 
European Union, from which it is expected to 
receive approximately 72 billion euros in direct 
subsidies for Spain for the period 2021-2023, 
of which 60 billion euros comes from the 
Recovery and Resilience Facility (RRF) and 
12 billion euros from the REACT-EU fund. In 
addition, it will have access to 80 billion euros 
in loans from the RRF.
• The outlook for the Spanish economy is highly 
uncertain, mainly linked to the course of the 
pandemic. The National Statistics Institute’s 
latest forecast on Gross Domestic Product 
(GDP) estimates a decrease in the Spanish 
economy of -11.0% in 2020. 
• The growth forecast for Spain stands at 5.9% 
in 2021 and 4.7% in 2022. 
The outlook for the Spanish 
economy is highly uncertain, 
mainly linked to the course of the 
pandemic, which has resulted in a 
decrease in the Spanish economy 
(GDP) of -11.0% in 2020.

37
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Energy environment
Spain
• The energy environment in Spain has been 
marked by the COVID-19 epidemic. Firstly, the 
variation in the annual demand of the national 
electricity system for 2020 registered a fall of 
5.6% compared to the previous year.
• On the other hand, the seriousness of the 
economic and health crisis has made it 
necessary for the Government to urgently 
legislate on the different sectors affected. Thus, 
for the electricity sector, various Royal Decree-
Laws have been approved that have sought to 
alleviate the effects of the pandemic on said 
sector, such as Royal Decree-Law 11/2020, of 31 
March, adopting additional urgent measures in 
the social and economic sphere to deal with the 
COVID-19 crisis. It establishes a series of actions 
in the electricity sector for the protection of 
consumers, the self-employed and SMEs, which 
have had an impact on the billing of electricity 
connection charges.
• For its part, Royal Decree-Law 30/2020, of 
29 September, on social measures in defence 
of employment, redefines a new category of 
consumer considered vulnerable for the purposes 
of receiving the discount electricity rate  
(bono social).
• The main regulation regarding the electricity 
sector was Royal Decree-Law 23/2020, of 24 
June, which approved measures in the field 
of energy and in other areas for economic 
recovery, the objective of which is to create 
a regulatory framework that favours the 
development of sustainable investments to carry 
out the energy transition. This regulation also 
partially transposes Directive 2019/944 on 
common rules for the internal electricity market, 
incorporating legal entities into our regulatory 
framework that it did not previously include, 
such as the owners of energy storage facilities or 
independent aggregators, and has accelerated 
the creation of a new remuneration framework 
for renewables, based on energy price auctions, 
expanded on in Royal Decree-Law 960/2020, 
of 4 November regulating the economic regime 
of renewable energy for electricity generation 
facilities.
• In relation to the foregoing, Order TED/1161/2020, 
of 4 December, was published, approving certain 
aspects of the auction mechanism and an 
indicative calendar of the expected capacity by 
technology to be auctioned in the 2020-2025 
horizon.
• As one of the requirements to access the EU 
funds indicated above, the Government presented 
the Recovery, Transformation and Resilience 
Plan, in October 2020, which consists of four 
cross-cutting axes, one of them being the

38
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
ecological transition and another the digital 
transformation. This plan includes, among its 
measures, the deployment and technological 
updating of transmission grids, the development 
of demand-side management and energy storage, 
the promotion of renewable hydrogen and its 
sectoral integration. 
• In addition to the aforementioned regulations 
derived from the crisis caused by COVID-19, at 
a national level and in order to comply with the 
provisions of the Regulation 2018/1999 on the 
Governance of the Energy Union and Climate 
Action, Spain has proposed its contribution to 
the energy and climate targets set for the EU 
as a whole for 2030 in the Integrated National 
Energy and Climate Plan (NECP) presented in 
March. In October, the NECP was evaluated by 
the European Commission, which considered 
the targets set for 2030 to be sufficient: 23% 
reduction in CO₂ emissions, 42% of renewables 
in the final generation mix and 39.5% in terms 
of efficiency.
• On the other hand, on 19 May, the Council of 
Ministers of the Spanish Government approved 
the draft Climate Change and Energy Transition 
Law, passing it to Parliament for processing as a 
law that seeks to set climate targets in Spanish 
legislation that make it possible to meet the 
commitments agreed to in the Paris Agreement, 
as well as the targets of climate neutrality  
in 2050. 
• In line with the climate neutrality targets, 
the Government approved the Long-Term 
Decarbonisation Strategy, which sets out the 
path to achieve climate neutrality, which will 
enable a 90% reduction in greenhouse gas (GHG) 
emissions by 2050 compared to 1990, with the 
remaining 10% to be absorbed by carbon sinks.
• For its part, the National Commission on Markets 
and Competition (CNMC) approved Circular 
3/2020 of 15 January, which establishes 
the methodology for calculating electricity 
transmission and distribution network tolls, the 
application of which has been delayed to April 
2021. This circular is relevant as it is the first time 
that the CNMC has set the structure and amount 
of access tariffs, once this responsibility, which 
previously belonged to the Ministry of Ecological 
Transition and Demographic Challenge, has been 
transferred.
• In 2020, it is also worth highlighting, due to 
its relevance for Red Eléctrica de España, the 
progress in the approval process of the 2021-
2026 Transmission Grid Planning, which has 
already successfully passed the Study and 
Proposal phases.
• In addition, Law 9/2020 has been approved, 
which regulates the regime for trading 
greenhouse gas emission allowances, to 
introduce the new features for the 2021-2030 
period foreseen in Directive 2018/410 and adapt 
it to the new emission reduction targets that the 
EU has set itself as a contribution towards the 
Paris Agreement.
DECARBONISATION 
STRATEGY
2030 TARGET OF THE INTEGRATED  
NATIONAL ENERGY  
AND CLIMATE PLAN (NECP)
74 %
of the electricity generated comes  
from renewable sources

39
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SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
• On the other hand, at a national level, it is worth 
mentioning the publication of the Hydrogen 
Roadmap, which establishes targets of 4 GW 
of installed electrolysis power capacity by 
2030 (between 300 and 600 MW by 2024), and 
25% of industrial hydrogen consumption from 
renewable sources.
• Lastly, within a national context, it is worth 
noting the publication on 27 October of the 
National Green Infrastructure Planning and 
Ecosystem Restoration Strategy, one of the 
aims of which is to promote the creation of 
transport, energy and telecommunications 
infrastructure networks that do not contribute 
to the fragmentation of habitats, and which 
can be compatible and integrated into the 
Green Infrastructure of the territory, taking it 
into consideration in the design, construction, 
operation and elimination phases of 
infrastructure, especially in those areas linking 
transport infrastructure.
Europe
• Despite the pandemic, at a European level, EU 
entities have continued with the processing of 
the various proposals contained in the European 
Green Deal, which was formally presented 
on 11 December 2019. Among the main 
regulatory proposals submitted by the European 
Commission, the following should be highlighted:
   -  The proposal for a European Climate Law 
submitted by the European Commission, 
which sets the EU’s 2050 target regarding 
carbon neutrality. This draft legislation also 
initially envisaged increasing the target for 
reducing greenhouse gas (GHG) emissions 
from the current goal of reducing the levels 
registered in 1990 by 40% to a new target 
of at least a 55% reduction. For its part, the 
European Parliament has proposed a more 
ambitious target of at least 60%. In this 
regard, the European Council, at its meeting 
on 11 December 2020, agreed to set a 
binding emission reduction target of 55%, 
urging the co-legislators (Parliament and 
Council) to reach an agreement reflecting 
this 55% target in the new European  
Climate Law.
   -  The revision of Regulation 347/2013 (TEN-E) 
on Trans-European Electricity Networks 
directives in order to ensure an adequate 
regulatory framework on key infrastructure 
to achieve the EU’s 2030 and 2050 
decarbonisation targets, while contributing 
to sector and market integration, security of 
supply and competition.
• In addition to these regulatory proposals as 
part of the European Green Deal, a number 
of strategies have also been put forward that 
influence the roadmap for EU energy policy in 
fundamental sectors such as:
   -  The EU Hydrogen Strategy, which aims to 
explore how clean hydrogen can contribute to 
reducing carbon emissions, while helping the

40
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SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
European Union recover from the economic 
impact of COVID-19.
   -  The EU Strategy for Energy System 
Integration, which seeks to link the various 
energy carriers – electricity, gas, among 
others, - with each other and with 
end-use sectors, such as buildings,  
transport or industry in order to reduce  
GHG emissions by replacing fossil fuels  
with renewable energy.
   -  The EU Strategy for Offshore Renewable 
Energy, which proposes a roadmap for 
making renewables a central element 
of the electricity system by 2050.
• Lastly, it is important to highlight the publication 
of Regulation 2020/852, of 18 June 2020  
of the European Parliament and of the Council, 
regarding the establishment of a framework  
to facilitate sustainable investments (also 
known as the ‘Taxonomy Regulation’), the 
objective of which is to establish the criteria  
to determine whether an economic activity can 
be classified as environmentally sustainable in 
order to establish the degree of environmental 
sustainability of an investment. This Regulation 
is pending regulatory development through  
a proposal for an EC Delegated Act (in process).
Subsidiaries   
in other countries
• In reference to the regulatory environment 
applicable to Chile, noteworthy is the enactment 
of Supreme Decree No. 37 of the Ministry 
of Energy, which approves the Regulation 
of Transmission Systems and Transmission 
Planning, which has not yet completed its 
administrative processing stage (it is currently 
being processed by the Office of the Comptroller 
General of the Republic). The Decree establishes 
the regulation of open access to transmission 
facilities and, in particular, the possibility of 
access to fibre optic data transmission by 
interested third parties (particularly electricity 
generation companies).
• With regard to national regulation in Peru, on 20 
June 2019, Supreme Resolution No. 006-2019-
EM was published, by which the Multi-sector 
Commission for the Reform of the Electricity 
Subsector (CRSE) was created, to review and 
adjust the current regulatory framework, in 
order to optimise the efficient development 
of the Peruvian electricity market aligned with 
international standards and best practices, 
and thereby ensure the sustainability of the 
Electricity Subsector. 
   -  In the first quarter of 2022, a technical 
document is expected to be published that 
contains institutional legislative proposals 
and regulatory reforms that promote 
The European 
Green Deal 
pursues 
the goal of 
achieving 
carbon 
neutrality in 
the European 
Union by 2050.

41
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
modernisation and resolve the challenges 
encountered in the electricity industry. 
These changes in the regulatory framework 
are aimed at ensuring there is sufficient 
generation, as well as the incorporation of 
renewable energy, smart metering, distributed 
generation, demand-side management and 
the harmonious development of the electricity 
and natural gas sectors. 
   -  In the specific case of the transmission  
sub-sector, the following issues will be 
addressed: (i) expediting the enlargement 
of the electricity transmission system; (ii) 
efficiency and transparency in transmission 
grid access; (iii) simplification of 
remunerative schemes; and (iv) international 
interconnections.
• With respect to Brazil’s regulatory framework, 
the most noteworthy regulatory developments 
have been marked by COVID-19. In this regard, 
ANEEL (Agência Nacional de Energia Elétrica) 
published, among others, resolution ‘Despacho’ 
no 1.106/2020, which indicates a seasonal 
impact on the recognised annual revenues for 
the 2020/2021 cycle. On the other hand, in June, 
through Resolution no 8.926, ANEEL authorised 
the postponement of the commissioning of 
certain transmission grid projects for 4 months.   
Telecommunications and 
technological innovation environment 
Spain
• Telecommunications activity is regulated by the 
General Telecommunications Act 9/2014, of 9 
May, and by Royal Decree 330/2016,  
on measures to reduce the cost of deploying 
high-speed electronic communications 
networks.
• At a European level, of note is Directive 
2018/1972/EU establishing the European 
Electronic Communications Code which 
recasts the European regulatory framework 
on telecommunications (Directives 2002/19/
EC; Directive 2002/20/CE; Directive 2002/21/
CE, Directive 2002/22/CE and Regulation 
1211/2009 establishing the Body of European 
Regulators for Electronic Communications 
(BEREC) and introduces some minor 
modifications. As a result of this new regulatory 
framework, and in view of the need to transpose 
said Directive into the national legal system (by 
December 2020, according to the Directive), 
the Ministry of Economic Affairs and Digital 
Transformation (MINECO) launched a prior 
public consultation on the need to amend 
the current General Telecommunications 
Act or whether on the contrary, to opt for the 
drafting of a new General Telecommunications 
Act that transposes the provisions of the 
aforementioned Directive (consultation 
conducted from 6 March to 8 April 2019). 
Lastly, on 11 September 2020, said Ministry 
published on its website the preliminary draft 
of the General Telecommunications Act and its 
Regulatory Impact Analysis Report for public 
consultation.

42
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
In February 2021, the Board of Directors 
approved the new 2021-2025 Strategic Plan 
of the Red Eléctrica Group. This plan is based 
on three fundamental pillars: maximum 
engagement with the energy transition, boosting 
connectivity solutions and the consolidation 
of its international business. The Red Eléctrica 
Group is committed to a plan that will enable it 
to play a key role in vital processes such as the 
energy transition and the reduction of the  
digital divide.
The 2021-2025 Strategic Plan seeks to prioritise 
the development of the energy transition in 
Spain in an efficient way, promoting the growth 
achieved in the field of telecommunications 
and consolidating the Group’s activity abroad, 
guaranteeing the financial sustainability of 
the Group, innovation, talent and sustainability 
as the basis of the corporate culture and 
generating positive impacts through alliances 
with the social environment and with companies 
in the sector.
Strategic plan
S
U
S
T
A
I
N
A
B
I
L
I
T
Y
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
 
∂
E
f
f
i
c
i
e
n
c
y
P
e
o
p
l
e
2021-2025 
Strategic 
Plan of 
the Red 
Eléctrica 
Group
C
o
n
s
o
l
i
d
a
t
e
 
t
h
e
 
i
n
t
e
r
n
a
t
i
o
n
a
l
 
b
u
s
i
n
e
s
s
D
r
i
v
e
 
c
o
n
n
e
c
t
i
v
i
t
y
I
n
n
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v
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t
i
o
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a
n
d
 
t
e
c
h
n
o
l
o
g
y
Make the energy 
transition possible 
in Spain

43
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Making the energy  
transition a reality  
in Spain 	
The Red Eléctrica Group is a key player 
in the ecological transition for the mass 
incorporation of renewables into the 
electricity system. In this regard, the 
Company will focus its efforts on:
• Developing infrastructure necessary for 
the energy transition.
• Designing, building and operating energy 
storage infrastructure.
• Operating a more complex, dynamic and 
digital electricity system.
Boosting connectivity 
Telecommunications are a key element in 
advancing towards greater connectivity 
in an increasingly interconnected world 
with greater data needs. In this regard, 
the Red Eléctrica Group will facilitate this 
connectivity through the following key 
courses of action:
• Boosting the satellite business as a lever 
to reduce the digital divide.
• Strengthening the current fibre optic 
business.
• Developing new opportunities around  
the deployment of 5G.
Consolidating the  
international business 	
The Red Eléctrica Group is working on 
plans to consolidate its international 
presence as an element of diversification 
and growth. To this end, it defines the 
following as key aspects:
• Organic growth and consolidation in 
Brazil, Peru and Chile for the construction, 
management and operation of electricity 
transmission grids.
• Analysing opportunities for expansion 
in countries with a stable remuneration 
model based on revenue flows that are 
steady and predictable over time.
Managing people 	
The Red Eléctrica Group will promote cultural 
transformation, sustainable management 
and will seek to convert the organisation 
into a benchmark as a healthy workplace. 
Specifically, it will focus its efforts on:
• Pursuing the health and safety and 
well-being of people to achieve a healthy 
working environment.
• Developing an innovative, agile and 
collaborative culture; promoting talent, 
anticipating needs and becoming an 
organisation that is capable of meeting 
the challenges of the Strategic Plan in a 
constantly changing environment.
Strategic pillars
Red Eléctrica promotes green and digital transformation, as it is the 
backbone of a decarbonised energy system, providing neutral access 
to both the electricity and telecommunications systems, facilitating 
the elimination of the digital divide and contributing to innovation 
and the development of society.
Continued on the next page >>

44
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Innovation and technology 	
New technologies will become increasingly important in driving the 
Red Eléctrica Group’s business. Through Elewit, the Company will 
consolidate its commitment to innovation, entrepreneurship and 
technological development, focusing on:
• Data management.
• Technology and people.
• Democratisation.
• Cyber security.
Efficiency 	
Efficiency is based on the generation 
of value through the appropriate 
management of resources, the 
identification of synergies and the 
optimisation of processes. In this regard, 
the Red Eléctrica Group is committed to 
operational and financial efficiency and 
continuous improvement as key factors 
for developing the strategic pillars.
Sustainability 	
The Red Eléctrica Group focuses on the responsible development 
of its activities, in order to advance in the fulfilment of the 2030 
Sustainability Commitment and to maximise the contribution of all the 
companies of the Group to the achievement of global targets, among 
which noteworthy are the Sustainable Development Goals (SDGs) of the 
United Nations.
Sustainability in the Group’s Strategic Plan is integrated as a lever to 
promote progress and well-being in the territories in which it operates as 
well as to increase confidence in the Group and consolidate its reputation.
Strategic pillars / continued
The Red Eléctrica 
Group will facilitate 
connectivity by 
boosting the current 
fibre optic business 
and will promote the 
satellite business as 
a lever to reduce the 
digital divide.

45
www.ree.es/en
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The 2020-2025 
Strategic Plan is 
based on three 
fundamental 
pillars: 
commitment 
to the energy 
transition, 
driving 
connectivity and 
the consolidation 
of its business 
abroad.
4,400 M€
EBITDA
 MARGIN
NET FINANCIAL DEBTA / 
EBITDA
MAINTAIN STRONG  
CREDIT RATINGS
FFO/DEBT
 RATIO 
75 %
70 %
2021-2022
1.0 €/share
2023-2025
0.8 €/share
~ 
15 %
>  
5 X
>  
Our  
2021-2025 
Commitment
Total Investment
Financial Efficiency   
Dividend Policy
earmarked for the transmission grid, 
cross-border connections, 
energy storage and system operation

46
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Corporate 
governance
3
The Board of 
Directors is fully 
committed to the 
development and 
improvement of good 
corporate governance.

47
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
3
Corporate 
governance
Key  
indicators 
2020
• 88.5% average 
percentage of votes in 
favour of the approval 
of resolutions at the 
General Shareholders’ 
Meeting. 
• 50% women on the 
Board of Directors.
• 58.3% independent 
directors.
• 61.5% shareholder 
attendance at the 
General Shareholders’ 
Meeting.
2020 milestones
• Successful implementation of the 
Contingency Plan for the succession of 
the Chairperson and appointment of the 
new Chairperson of the Board and non-
executive Chairperson of the Company.
• Ratification and appointment at the 
General Shareholders’ Meeting of Beatriz 
Corredor Sierra (Chairwoman of the 
Board and non-executive Chairwoman 
of the Company) and Roberto García 
Merino (Chief Executive Officer).
• Re-appointment at the General 
Shareholders’ Meeting of Carmen Gómez 
de Barreda Tous de Monsalve (Lead 
independent director).
• Update of the Corporate Governance 
Policy of the Red Eléctrica Group.
Challenges 2021
• Updating of the Regulations of the Board 
of Directors to adapt them to regulatory 
changes and best corporate governance 
practices.
• Modification of the Corporate By-laws 
and the General Meeting Regulations 
for the mechanisms and rules for 
identification and attendance at  
General Meetings via remote means.
• Updating of the Protocol for the 
relationship of the Board with the 
employees of the Group’s  
companies.
• Approval of the new  
Remuneration Policy for  
Board Directors.

48
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Corporate 
governance
The Red Eléctrica Group has a robust and transparent 
corporate governance system that, through the adoption 
of best practices and international recommendations, 
constitutes an essential strategic element to ensure good 
governance of the Company.
The Board of Directors is fully committed to the 
development and improvement of good corporate 
governance, voluntarily implementing measures and 
initiatives that go beyond legal compliance, with the 
aim of strengthening its commitments and aligning the 
interests of the Company with those of its shareholders, 
investors, markets and other stakeholders.
Corporate Shareholding Structure
52
General Shareholders’ Meeting
54
Board of Directors
58
Governance Structure
50
Continued on next page >>

49
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Among other aspects, 
in 2020 the Corporate Governance Policy  
has been updated to adapt it to current  
legislation on corporate governance matters and 
the internal regulations of the Red Eléctrica Group, 
as well as to incorporate the good governance 
recommendations generally recognised in 
international markets, adapted to the needs and 
business reality of the Red Eléctrica Group and the 
best practices applied by comparable companies, 
both in the IBEX 35 and internationally. 
The update of the policy was approved 
by resolution of the Board on 
24 November 2020, coming into force 
on the same day of its approval.

50
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
3.1
Governance 
structure of the 
Red Eléctrica Group
The governance and management of the Red Eléctrica Group 
and the parent company, Red Eléctrica Corporación, S.A. (REC), are 
entrusted to the General Shareholders’ Meeting and the Board of 
Directors.
The General Shareholders’ Meeting is governed by the Corporate 
By-laws and the Regulations of the General Shareholders’ Meeting, in 
accordance with the provisions of the Spanish Companies Act.
Since November 2018, the Company has had three Board 
Committees (Sustainability Committee, Audit Committee, and 
Appointments and Remuneration Committee).

51
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Governance structure / 102-18
General Shareholders’ 
Meeting
Board of  
Directors
Management Team
Audit  
Committee
Sustainability 
Committee
Appointments  
and Remuneration 
Committee
Internal rules of 
governance
31 Dec 2020
• Code of Ethics.
• Corporate By-laws.
• Regulations of the  
Board of Directors.
• Internal Code  
of Conduct on the  
Securities Market.
• Regulations of the  
General Shareholders’ 
Meeting.
• Procedure on proxies, 
voting and information 
by remote means at the 
General Shareholders’ 
Meeting (referring to 
the Ordinary General 
Shareholders’ Meeting 
held in 2020).
• Operating Rules of  
the Shareholders’ 
Electronic Forum 
(referring to the  
Ordinary General 
Shareholders’ Meeting 
held in 2020).
The three Committees 
incorporate members 
of the Board who 
have a high level of 
technical expertise 
and are set up by the 
Board of Directors 
to support it in the 
performance of 
its duties and 
responsibilities, with 
the goal of achieving 
greater efficiency and 
transparency.

52
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
3.2
Corporate 
Shareholding 
Structure
As at 31 December 2020, the Company’s share capital was 
comprised of 541,080,000 fully subscribed and paid-up shares 
belonging to a single class and series, each with a par value of 0.5 
euros, represented by book entries and listed on the four Spanish 
stock exchanges.
In 2020, the share capital of the Company was comprised of a 
20% shareholding owned by SEPI, with the remaining 80% being 
free float. For more information on the Company’s shareholding 
structure, consult the Significant Holdings and Bought-back  
Shares section of the CNMV website (Spanish National Securities 
Market Commission).

53
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The shareholding limits 
 for participation in 
the Company’s share capital, established by law 
which seek to guarantee the independence of 
the Company vis-a-vis all other electricity sector 
activities and agents are the following:
• 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 share 
capital does not exceed 5% and they do not hold 
more than 3% of the voting rights. These shares 
may not be syndicated for any purpose.
• Entities 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-owned Industrial 
Holding Company (SEPI) is maintained, whereby 
it must hold at least ten per cent (10%) of the 
share capital in all cases.
Shareholding  
structure
66 %
Minority shareholders
20 %
State-owned Industrial Holding  
Company (SEPI)
4 %
Institutional (foreign)  
10 %
Institutional (Spain) 
There is specific legislation that sets the 
shareholding limits for participation in the 
Company’s share capital in order to guarantee 
the independence of the Company vis-à-vis all 
other electricity sector activities and agents.

54
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
3.3
General 
Shareholders’ 
Meeting 
The General Shareholders’ Meeting represents all 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, both inclusive) and in the Regulations of the 
Shareholders’ Meeting.

55
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Red Eléctrica pays special attention to the 
shareholders’ 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.
• Publication on the corporate website of complete 
information on the Meeting.
• Live broadcast of the Meeting via the Internet, 
with simultaneous translation in English and sign 
language in Spanish.
• Shareholders’ Electronic Forum.
• Attendance via remote means, due to the 
COVID-19 health crisis.
• Shareholders and investors office.
• Dissemination via social networks
Attendance,  
representation and 
information rights 
(Defined in the Corporate  
By-laws and in the Regulations of  
the Shareholders’ Meeting)
• Possibility of issuing voting certificate.
• No minimum number of shares required to 
attend the Meeting.
• External audit of the management 
processes of the General Shareholders’ 
Meeting.
• Separate voting on each of the Agenda 
items submitted for approval at  
the Meeting.
• Representation at the Meeting by any 
person, without having to be a shareholder.
In 2020, 
the General 
Shareholders’ 
Meeting was held 
exclusively via 
remote means, 
guaranteeing  
the attendance 
and voting 
rights of all 
shareholders.

56
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
2020 General Shareholders’ Meeting 
(1)  In the resolutions concerning the board of directors’ remuneration, the State-owned Industrial Holding Company (SEPI) abstains automatically as it is the criterion it adopts in all listed companies in which it does not have a majority shareholding. 
Excluding the aforementioned resolutions, the 2020 General Shareholders’ Meeting had an average percentage of votes of 98% in favour of the approval of all the items on the agenda.
The General Shareholders’ Meeting of 14 May 2020  
was held exclusively via remote means as a result of  
the health crisis caused by COVID-19, under Royal Decree-
Law 8/2020, of 17 March, on urgent and extraordinary 
measures to confront the economic and social impact of 
COVID-19, approved by the Spanish Government in order to 
try to minimise the risk of spreading the virus. Therefore, 
the Meeting was not physically attended by shareholders or 
their representatives and, in general, by any other person 
except those who were indispensable for the organisation 
of the Meeting. This was done in order to safeguard the 
general interests and health of all persons involved in its 
organisation, as well as in the interest of all shareholders 
and other stakeholders while guaranteeing shareholders’ 
rights at all times.
Accordingly, the Company allowed shareholders, in addition 
to the possibility of using the ordinary proxy, voting 
and remote information procedure, to participate in the 
General Meeting via remote means, enabling them to make 
interventions and proposals for resolutions, or request 
information or clarifications, as well as to cast their vote 
remotely, pursuant to the rules and regulations established 
for this purpose due to the Covid situation.
• Capital stock      
270,540,000.00 euros
• Shares:       
541,080,000
• Voting rights:     
541,080,000	
• Minimum number  
of shares to attend  
the Meeting: 1
• Attendance at the 
General Meeting: 
61.51%
• Average  
percentage of  
votes in favour:      
88.5% (1) 
Key  
Indicators
Attendance at the General Meeting held via  
remote means due to the COVID-19 health crisis
• Approval of the Consolidated Annual Accounts and Consolidated Management Report of  
the Consolidated Group of Red Eléctrica Corporación, S.A. and subsidiaries for the 2019  
financial year.
• Approval of the proposed allocation of profits adopted by the Board of Directors and and, 
consequently, allocating profits for the 2019 financial year.
• Approval of the report on non-financial information for the Consolidated Group of Red Eléctrica 
Corporación, S.A. for the 2019 financial year.
• Approval of the management performance of the Board of Directors of Red Eléctrica Corporación, 
S.A. during the 2019 financial year
• Ratification and appointment as director of Ms. Beatriz Corredor Sierra, within the category 
‘other external’, and as executive director of Mr. Roberto García Merino; and re-election as 
independent director of Ms. Carmen Gómez de Barreda Tous de Monsalve, in the three cases for 
the term of four years established in the Company’s By-laws
• Delegation in favour of the Board of Directors (for a period of five years) of the power to increase 
the capital stock, at any time, once or several times, up to a maximum amount of 135,270,000 
euros (pursuant to the conditions approved by the General Meeting).
• Delegation in favour of the Board of Directors (for a period of five years and with an overall limit 
of 5 billion euros) of the power to issue, once or several times, directly or through companies 
of the Red Eléctrica Group, debentures, bonds and other fixed-income or debt instruments of a 
similar nature (pursuant to the conditions approved by the General Meeting).
• Approval of the Annual Report on Remuneration of the Directors of Red Eléctrica Corporación, 
S.A. and the remuneration of the Board of Directors of Red Eléctrica Corporación, S.A., for the 
2020 financial year.
• Reappointment of the statutory auditor of the parent company and of the consolidated Group.
Summary of the resolutions approved by the 
General Shareholders’ Meeting in 2020

57
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Red Eléctrica 
achieved an average 
percentage of 88.5% 
of votes in favour 
in the approval 
of resolutions 
at the 2020 
Ordinary General 
Shareholders’ 
Meeting.
60.4
63.1
61.5
Attendance at the 
General Shareholders’ 
Meeting
/ % over capital stock /  
2016
2017
2018
2019
2020
60.5
58.5
A Sustainable General Shareholders’ Meeting 
As a result of the commitment to integrate sustainability criteria in all Company’s activities, in 2019, Red Eléctrica designed a 
management system to obtain the certification of its General Shareholders’ Meeting in accordance with the UNE-EN ISO 20121 
standard for sustainable events. The sustainable events management system responds to the fulfilment of six sustainability 
objectives applicable to all events held by the Red Eléctrica Group.
The Company obtained the Sustainable Event certification from AENOR for its 2020 General Shareholders’ Meeting.
It is worth mentioning that the limitations derived from the state of emergency, caused by the pandemic, meant that the General 
Shareholders’ Meeting had to be held via remote means, which had an impact on the application of some of the planned measures.
Objectives for  
sustainable events of  
the Red Eléctrica Group
Minimising the carbon footprint  
of the event.
Universal access to the event. 
 
Guaranteeing the health and  
safety of all participants.
Promoting the contracting  
of vulnerable groups. 
Sustainability awareness of  
all participants at the event. 
Integration of circular economy 
criteria in the development of the 
event.
 
 
2020 measures
• Measurement of the carbon footprint 
of the event for the first time.
• Accessibility of the event for the 
hearing impaired.
• Accessibility to all documentation 
regarding the Meeting.
• Guarantee the health and safety of 
all participants.
• Promotion of the recruitment of 
vulnerable groups. 
• Raising awareness regarding 
sustainability among participants  
at the event.
• The holding of the Meeting via remote means has meant that there was 
practically no need for any staging or decorative materials to be used.
 
 
Logros 2020
• 0.87 t CO₂ eq. offset. 
• 100% of content interpreted with  
sign language.
• 11% of documents accessible for 
visually impaired people.
• 0 accidents occurring at the event. 
• 14% (1 out of the 7 suppliers 
contracted employed people from 
vulnerable groups).
• 1,186 views during the live-streaming 
broadcast of the Meeting.
Main results

58
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
3.4
Board of 
Directors
102-18 / 102-22 / 102-26
Red Eléctrica’s Board of Directors governs, manages and 
represents the Company, notwithstanding the powers that 
correspond to the General Shareholders’ Meeting, through the 
promotion of the active participation of the Board Directors, 
putting the interests of the Company and of its shareholders 
above their own interests, while upholding the law, the Corporate 
By-laws and the principles of good corporate governance.

59
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Additionally, the Board carries out its duties and 
responsibilities according to the organisation 
and functioning rules contained in the Corporate 
By-laws and the Regulations of the Board. The 
following duties and responsibilities, among 
others, rest with the Board:
1
Non-executive 
Chairperson
1
Chief Executive 
Officer
3
External nominee directors
25%
7
Independent directors
58.3%
Appointments and  
Remuneration Committee
3 MEMBERS
CHAIRPERSON
Independent director
33%
Other
67%
Independent directors
CHAIRPERSON
Independent director
33%
Other
67%
Independent directors
Sustainability  
Committee
3 MEMBERS
CHAIRPERSON
Independent director
25%
Other
75%
Independent directors
Audit 
Committee
4 MEMBERS
Approval of the general  
policies and strategies of  
the Company and the Group,  
with special mention for  
the Risk Management and  
Control Policy.
Decision-making on appointments 
of senior-level directors who 
report directly to the Board or 
to directors, remuneration of 
Board members, financial & 
non-financial information and 
strategic investments (except for 
those that rest with the General 
Shareholders’ Meeting).
Annual assessment of the quality 
and efficiency of the Board and of 
the functioning of its Committees.
Approval 
 
 
 
 
Decision 
 
 
 
 
 
 
 
Assessment
A reduced, balanced and  
efficient Board of Directors / 405-1
Board of Directors in 2020  - 12 MEMBERS
13 
Meetings       
100%  
Attendance  
at the Meetings     
0.001% 
Total  
voting rights 
155 
total attendances  
(in-person or virtual)   
66.7% 
of Board directors reappointed  
in the last 4 years

60
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Red Eléctrica is 
the only IBEX 35 
company with  
an equal number 
of men and 
women on 
the Board of 
Directors, as 
well as being 
one of only 
two companies 
chaired by a 
woman. 
Diversity on the Board of Directors   / 405-1                                              / 31.12.2020 /
(1) As a result of the resignation tendered 
on 22 December 2020 by Antonio 
Gómez Expósito from the position of 
nominee director, representing SEPI, 
the Appointments and Remuneration 
Committee, as at 31 December 2020, 
had two independent female directors 
in its composition, and there was also a 
vacancy for an external nominee director 
on this Committee.
Gender
Board  
of Directors
6
6
Audit  
Committee 
2
2
Appointments and 
Remuneration  
Committee (1)
2
1
Sustainability 
Committee
1
2
  Women     
  Men
50% of the Board members  
are women.
Age
Board  
of Directors
Appointments and 
Remuneration  
Committee (1)
Audit  
Committee 
Sustainability 
Committee
  < 50      
  50 a 60      
  > 60
1
5
2
2
6
2
1
3
The average age of Board  
members is 58.8.
Length of service
No. of years:     
  Less than 3     
  From 3 to 6    
  More than 6
5 
The average term of office for 
Board members is 3.5 years.
4 
3 
2016
2017
2018
2019
2020
20.3
36.4
30
40
23.7
41.7
27.3
31.2
41.7
50.0
23.7
33.3
(2) Source: IBEX 35 data: 9th Report on Women in the IBEX. ‘Women on the Boards of Listed 
Companies’ Report. ATREVIA-IESE, March 2021.
  Red Eléctrica Corporación      
  Recommendation of the CNMV      
  IBEX 35
Women on the Board. Red Eléctrica Corporación vs IBEX 35 (2)     / % /

61
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Balance of Powers
Red Eléctrica establishes in its Corporate 
Governance Policy the essential guideline to 
preserve an adequate balance and proportionality 
in the powers inherent to the structure and 
composition of the Board, by adopting the 
necessary measures to enable action with unity of 
purpose and impartiality, pursuing the interests of 
the Company and of its shareholders, as well as the 
sustainability of the Group.
Separation of the positions of  
the Chairperson of the Board of 
Directors and the Chief Executive 
Officer (CEO)  
/ 102-23
Responding to the commitment undertaken at 
the General Shareholders’ Meeting held in April 
2012, and the commitment to best international 
practices in corporate governance, the Board 
of Directors of Red Eléctrica submitted the 
separation of the positions of Chairperson of the 
Board and the CEO of the Company, as well as 
the consequent appointment of a new executive 
Board director, for approval by the General 
Shareholders’ Meeting at its extraordinary session 
held in 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, in July 2015, 
appointed the new executive Board director as the 
new CEO of the Company. 
In order to complete the process for the separation 
of powers, a transition phase was established 
which culminated at the Annual Ordinary General 
Shareholders’ Meeting in 2016 with the full 
Full separation of functions between the position of non-executive 
Chairperson of the Board of Directors and that of CEO, maintaining the 
corporate system of separation of powers with the appointment in 2020 
of the new Chairwoman of the Board of Directors and non-executive 
Chairwoman of the Company, Beatriz Corredor Sierra.

62
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
separation of the duties between the Chairperson 
of the Board and the Chief Executive Officer. As 
of said Meeting, the Chairperson of the Board 
of Directors has been attributed exclusively the 
responsibilities inherent to said position.
Of note is that the Board of Directors, at its 
meeting held on 28 January 2020, accepted the 
irrevocable resignation tendered by the former 
Chairman as a director and, consequently, as  
non-executive Chairman of the Board of Directors 
and of the Company. At that same meeting, the 
Board resolved to implement the Contingency Plan 
for the succession of the Chairperson, a plan that 
has been a key tool to distribute the functions, 
performed by the Chairman up until that time, 
between the CEO, the Lead Independent Director 
and the Chairperson of the Audit Committee. 
Hence, after the activation of said Plan and as a 
result of its implementation, the following took place:
• The Lead Independent Director assumed the 
management of the Board and temporarily 
chaired the meetings of the Board.
• The Chief Executive Officer, in addition to 
the duties and responsibilities vested in him, 
managed the vis-à-vis representation of the 
Company with the Government and the Public 
Administration of the State. In addition, the CEO 
was the person responsible for communicating 
information to the media, investors and 
shareholders.
• For her part, the Chairwoman of the Audit 
Committee temporarily undertook the 
management of the internal audit and risk control 
functions.
Furthermore, the Board of Directors, in the meeting 
held on 25 February 2020, resolved to appoint 
Ms. Beatriz Corredor Sierra Board director of Red 
Eléctrica Corporación, S.A., within the category of 
‘other external’, at the proposal of the Appointments 
and Remuneration Committee, until the first 
General Shareholders’ Meeting in 2020 was held. 
Her appointment was submitted for ratification 
by the Ordinary General Shareholders’ Meeting of 
the Company held on May 14, 2020, obtaining a 
percentage of votes in favour of 98.48%.
Similarly, in accordance with the provisions of 
article 21 of the Company By-laws and article 9 of 
the Regulations of the Board of Directors and upon 
a prior favourable report by the Appointments and 
Remuneration Committee, the Board agreed at 
its session of 25 February, to appoint Ms. Beatriz 
Corredor Sierra as Chairwoman of the Board of 
Directors and non-executive Chairwoman of the 
Company.
Consequently, with the appointment in 2020 of 
Beatriz Corredor Sierra as Chairwoman of the 
Board of Directors and non-executive Chairwoman 
of the Company, an orderly and reasonable 
succession took place within the framework of the 
current corporate system of separation of powers 
between the positions of Chairperson and Chief 
Executive Officer in the structure and composition 
of the Board of Directors. This new structure 
allows the coexistence of the management 
functions regarding the supervision of the Group’s 
strategies and of their execution and modification, 
spearheaded by the Group’s non-executive 
SEPARATION OF  
THE GENERAL SHAREHOLDERS’  
MEETING HELD IN JULY 2015, APPROVED 
THE SEPARATION OF THE POSITIONS OF 
THE CHAIRPERSON OF THE BOARD AND 
THE CEO OF THE COMPANY
POWERS
In accordance with the best corporate 
governance practices

63
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Chairperson, who assumes the strategic corporate 
functions, such as regulation, sustainability, 
institutional relations, communication, 
compliance, internal audit and risk control, 
among others, as well as the leadership and 
promotion of the Group’s technological and 
digital transformation process and the function 
of ensuring the principle of independence of the 
Electricity System Operator and the adequate 
separation between regulated and non-regulated 
activities, with the management of the Group’s 
business, managed directly by the CEO; a system 
that constitutes an international model of good 
corporate governance.
Moreover, the figure of the lead independent 
director created in 2013 has remained 
unchanged, despite the fact that it is not 
mandatory for the Company as the Chairperson of 
the Board does not have the status of executive 
director, and, together with the responsibilities 
attributed to the Chairperson, is recognised 
by shareholders and proxy advisors as an 
efficient corporate governance practice. At its 
meeting held on 26 March 2019, the Board of 
Directors, at the proposal of the Appointments 
and Remuneration Committee, has agreed to 
re-appoint Ms. Carmen Gómez de Barreda Tous 
de Monsalve as Lead Independent Director for 
a period of three years as established in the 
Regulations of the Board, pursuant to Article 25 
bis of the Corporate By-laws and developed in 
Article 10 of the Regulations of the Board. 
Beatriz Corredor Sierra
Roberto García Merino
Mercedes Real Rodrigálvarez
Member of the Audit Committee
María Teresa Costa Campi 
Member of the Sustainability  
Committee
Ricardo García Herrera
Member of the Appointments  
and Remuneration Committee (1)
Carmen Gómez de Barreda Tous 
de Monsalve
Chairwoman of the Sustainability 
Committee and Lead
Independent Director
María José García Beato
Member of the Audit Committee
Socorro Fernández Larrea
Chairwoman of the Appointments 
and Remuneration Committee
Antonio Gómez Ciria
Chairman of the Audit Committee
Arsenio Fernández de Mesa  
y Díaz del Río 
Member of the Audit Committee
Alberto Carbajo Josa
Member of the Sustainability  
Committee
José Juan Ruiz Gómez
Member of the Appointments  
and Remuneration Committee
CHAIRWOMAN
CHIEF EXECUTIVE 
OFFICER
EXTERNAL  
NOMINEE  
DIRECTORS
(SEPI)
EXTERNAL 
INDEPENDENT 
DIRECTORS
SECRETARY OF  
THE BOARD  
OF DIRECTORS
Carlos Méndez-Trelles García
Non-Board Director
(1) On 26 January 2021, the Board of Directors agreed to appoint nominee director Ricardo García Herrera as a member of the Appointments and 
Remuneration Committee for a term of 3 years to fill the vacancy on said Committee.
Board of Directors
/ 31 December 2020 /

64
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Committees of the Board 
of Directors
The Company has three standing Committees of 
the Board of Directors, the Audit Committee, the 
Appointments and Remuneration Committee and 
the Sustainability Committee, and they incorporate 
members of the Board who have a high level of 
technical expertise. They are set up by the Board 
of Directors to support it in the performance of 
its duties and responsibilities, with the goal of 
achieving greater efficiency and transparency. 
Audit Committee
This 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 and non-financial 
information, the oversight of internal control and 
risk management systems, the independence of 
the external auditor, as well as the monitoring of 
the compliance with legal provisions and internal 
regulations and those relating to the shareholders 
of the Company, along with those duties and 
powers which the Board of Directors expressly 
attributes to said Committee.
For more detailed information on the matters 
dealt with by the Audit Committee during the 
2020, as well as changes in the composition of 
the Audit Committee during 2020, please refer 
to the Activity Report of the Audit Committee for 
2020, published on the Company’s website.
Appointments and Remuneration  
Committee
This Committee has duties and powers assigned 
to it regarding the appointment and removal of 
Board directors and senior-level executives that 
report directly to the Board, the Chairperson or the 
CEO. These powers also encompass the oversight 
of the remuneration policy of the Board, as well as 
the fulfilment of the duties and responsibilities of 
the Board members and their observance of the 
corporate governance principles and guidelines, 
in addition to those applicable to the relationship 
with the employees of the companies of the Red 
Eléctrica Group. 
Noteworthy, among the functions related to the 
employees of the companies, is the function of 
permanently keeping updated a protocol of the 
Audit  
Committee
Sustainability 
Committee
Appointments  
and Remuneration 
Committee
4 members
Independent  
director
 
75% (3) 
25% (1)
 
50% (2)
12
100% (48)
3 members
Independent  
director
 
66.7% (2) 
33.3% (1)
 
100% (2) (1)
15
100% (44)
3 members
Independent  
director 
 
66.7% (2) 
33.3% (1)
 
33.3% (1)
12
100% (36)
Composition
Chairperson 
Independent 
directors
Nominee  
directors
Women  
on the Board
Meetings 
In-person 
attendance
(1) On 26 January 2021, the Board of Directors agreed to appoint nominee director Ricardo García Herrera as a member of the Appointments and 
Remuneration Committee for a term of 3 years to fill the vacancy on said Committee.
/ 31.12.2020 /

65
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Board’s relationship with the employees of the 
companies of the Group that seeks to ensure 
the adequate protection of their well-being and 
interests, thus responding to the most advanced 
international good governance practices, 
especially those contemplated in the new Code of 
Corporate Governance of the United Kingdom.
For more detailed information on the matters 
dealt with by the Nomination and Remuneration 
Committee during 2020, as well as the changes 
in the composition of the Committee during 
2020, please refer to the Activity Report of the 
Nomination and Remuneration Committee 2020, 
published on the Company’s website.
Sustainability Committee 
The creation of the Sustainability Committee 
is voluntary and does not respond to any legal 
requirement. Additionally, it responds to the 
strategic nature that the Board of Directors wants 
to grant to sustainability within the Company, 
contributing significantly to the ranking of Red 
Eléctrica in the field of sustainability.
This Committee is assigned, among other 
functions, regarding ethical leadership, the 
oversight of the Group’s strategy and practices in 
relation to the 2030 Sustainability Commitment 
and the Sustainability Policies and their link to 
the Strategic Plan. This Committee also oversees 
compliance with the Group’s sustainability 
policies, aimed at achieving the Sustainable 
Development Goals, monitors stakeholder 
relationship processes and oversees and 
coordinates the information reporting process 
regarding sustainability. 
The functions of the Sustainability Committee 
are included in the new article 18 TER of the 
Regulations of the Board of Directors subsequent 
to the amendment of said Regulations that were 
approved by the Board during the session held on 
19 February 2019.
For more detailed information on the matters 
dealt with by the Sustainability Committee during 
2020, as well as changes in the composition of 
the Committee during 2020, please refer to the 
Activity Report of the Sustainability Committee 
2020, published on the Company’s website.
The creation of 
the Sustainability 
Committee is 
voluntary and does 
not respond to any 
legal requirement. 
Additionally, it 
responds to the 
strategic nature 
that the Board of 
Directors wants to 
grant to sustainability 
within the Company, 
contributing 
significantly to 
the ranking of Red 
Eléctrica in the field  
of sustainability.

66
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Relationship of the  
Board of Directors with  
the management team
102-19 / 102-20
The policy of the Board of Directors is to delegate 
the day-to-day management of the Company and 
that of the Group to the executive bodies and the 
management team and focus its activity on the 
overall function of supervision and approval of the 
essential guidelines for action.
As a result of the separation of the duties and 
powers of the Chairperson of the Board and 
of the Chief Executive Officer, the Company 
has two clearly differentiated management 
bodies composed of senior-level executives: 
the Chairperson’s Advisory Committee, headed 
by the Chairperson of the Board, and the 
Executive Committee, chaired by the CEO. In 
both committees, the secretary of the Board of 
Directors acts as the secretary.
The structure and functioning of these two 
separate committees replicates, within the 
organisation, the model of separation of 
duties and powers between the non-executive 
Chairperson and the Chief Executive Officer so 
that the Committee chaired by the Chairperson 
exercises the duty of oversight and control, while 
the Committee chaired by the CEO carries out 
a permanent monitoring of how the businesses 
and activities of the companies of the Group are 
carried out.
For its part, the Regulations of the Board allow 
directors to request the Board to contract, at the 
Company’s expense, legal, accounting, financial 
or other expert services to assist them in the 
performance of their duties. Similarly, in order to 
better fulfil their duties, the Board’s Committees 
may seek advice from independent professionals 
in the exercising of their responsibilities. 
It should be noted that in 2019 Red Eléctrica 
created the TSO Supervisory Committee, 
chaired by the Chairperson of the Board, and 
the Regulations of the Board were modified to 
strengthen the Board’s role as supervisor and 
guarantor of the functional independence of the 
Electricity System Operator.
Board  
of Directors
Executive 
Committee
Chairperson’s 
Advisory 
Committee
Chairperson  
of the Board  
of Directors 
Chief  
Executive  
Officer

67
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Dialogue between stakeholders  
and the highest governance body  
102-21 / 102-33 / 102-34
One of the underlying principles of the Corporate 
Governance Policy of Red Eléctrica and that 
serves as a benchmark for the performance 
of the Company in its relationship with its 
stakeholders is: to consolidate, develop 
and nurture symmetrical mechanisms of 
dialogue and engagement with shareholders, 
investors and key stakeholders, guaranteeing 
transparency, active listening and equal 
treatment, seeking to improve relationships, 
increase levels of engagement and thereby 
increase their level of trust in the organisation. 
In compliance with this principle, Red Eléctrica 
strives to fulfil the demands of institutional 
shareholders, given their noteworthy presence 
in the Company’s shareholding structure, 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, notwithstanding the guarantees and 
equal treatment enjoyed by other shareholders.
In this regard, the Company has a policy 
regarding the Criteria for reporting economic-
financial, non-financial and corporate 
information for shareholders, institutional 
investors, proxy advisors and other stakeholders 
updated by the Board on 22 December 2020 
to adapt the policy to Recommendation 
4 of the Good Governance Code of Listed 
Companies, following the update of said Code 
in June 2020 by the National Securities Market 
Commission (CNMV). These criteria guarantee 
the proper exercise of the rights and interests 
of stakeholders and favour commitment to 
shareholders through open, transparent and 
continuous dialogue. The Board of Directors is 
the body in charge of reviewing the criteria and 
overseeing their compliance.
Red Eléctrica provides its shareholders with 
periodic and standardised information that 
communicates the corporate environmental, 
social and good governance objectives that are 
part of the Company’s business interest. In no 
case does the Company facilitate institutional 
shareholders with information that could place 
them in an advantageous or privileged position 
with respect to other shareholders, but it does 
provide them with publicly available information in 
a rational and orderly manner.
Red Eléctrica, year 
after year, strengthens 
relations, increases 
commitment 
and reinforces 
the confidence 
of shareholders, 
investors and the main 
stakeholder groups.

68
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Since 2016, the Company has regularly organised 
roadshows for its main proxy advisors regarding 
corporate governance matters. These roadshows 
are presented by the Company’s top executives 
and has the active participation of the Lead 
Independent Director.
Besides the direct communication channels 
previously indicated in the ‘Transparency and 
Communication’  
 section of this report, and 
detailed in the Annual Corporate Governance 
Report and in the Regulations of the Board 
(Articles 39-44), and in the criteria regarding 
communication of financial, non-financial and 
corporate information to shareholders, institutional 
investors, proxy advisors and other stakeholders, 
the highest governance body also has other 
consultation mechanisms for the interaction 
with stakeholders, among which the following are 
noteworthy:
• Whistle-blowing channel and Compliance with 
the Code of Ethics and Professional Conduct.
• Social representation/committees.	
• Stakeholder satisfaction reports.
• Dígame Service.
Selection of Board directors - skills  
and competencies matrix 
102-24
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. 
Similarly, the Corporate Governance Policy of 
the Red Eléctrica Group includes the principle of 
ensuring the existence of appropriate procedures 
for the selection of Board directors, which 
guarantee reasonable balance and comprehensive 
diversity within the Board of Directors for the 
proper performance of its mission. 
In this regard, the Appointments and 
Remuneration Committee has criteria that define 
the ideal profile to take up the position of Board 
director, describing the qualities, competencies 
and experience that the ideal candidate should 
meet to occupy the position of Board director. 
The Company 
regularly facilitates 
relevant, adequate 
and reliable 
information to 
stakeholders in 
a regular and 
timely fashion. 
Said information 
relates to the way 
the Company is 
managed and the 
regulations that 
govern it, as well 
as providing data 
on the results 
achieved.

69
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Moreover, in 2018, the Appointments and 
Remuneration Committee and the Board of 
Directors have assessed the competencies 
and knowledge of the members of the Board of 
Directors, culminating with the approval of the 
new Board of Directors’ skills and competencies 
matrix, personalised for each Board director. The 
Board’s skills and competencies matrix is a tool of 
good governance that facilitates the supervision 
of the overall and individual balance, diversity 
and quality of the Board of Directors, at all times, 
and is aligned with international practices and 
most advanced recommendations on corporate 
governance.
The application of the matrix of individual skills 
and competencies of Board directors, which 
reflects the competencies, experience, knowledge, 
professionalism, suitability, independence of 
criteria, qualities and capacities established by the 
Corporate Governance Policy for the members of 
the Board of Directors, facilitates the supervision 
of comprehensive diversity in the composition of 
the Board of Directors in order to make the most 
appropriate and informed decisions at all times.
The matrix consists of three blocks (knowledge-
experience in the sector of activities, knowledge-
global experience and diversity) that consist, in 
turn, of a total of twenty-eight categories which 
reflect the experience and knowledge of the 
members of the Board on aspects such as: the 
energy and telecommunications sector; financial 
and capital markets; strategy and business 
development; Boards of Directors of public and 
private entities; sustainability; risk management 
and compliance; digital transformation, and 
gender, age or length of service as a Board 
director, among others.
The aforementioned skills and competencies 
matrix is continuously updated so that it remains 
current and perfectly aligned with the strategy of 
the Red Eléctrica Group.
In addition, before issuing its report or formulating 
a proposal for the appointment of a Board 
director, the Appointments and Remuneration 
Committee always analyses the diversity of 
profiles and contributions of the current members 
of the Board of Directors, in order to ensure 
The skills and competencies matrix 
facilitates the supervision of the overall 
and individual balance, diversity and 
quality of the Board of Directors, in 
alignment with the strategy of the  
Red Eléctrica Group at all times.

70
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
that at all times the Board has the knowledge 
and experience necessary to successfully 
address upcoming challenges and efficiently 
and proactively progress in the fulfilment of the 
strategies and objectives of the Company and the 
Red Eléctrica Group.
For the drafting of the aforementioned 
appointment proposal, the Appointments 
and Remuneration Committee request, when 
deemed necessary, among other proposals and 
suggestions, the opinion of international external 
advisors specialised in the selection process of 
board directors. The members of this committee 
propose different candidates and issue the 
corresponding reports in which they assess the 
competencies and experience of each candidate. 
These reports are carefully analysed and 
evaluated by the Appointments and Remuneration 
Committee so that they can draft the proposal 
for the appointment of a Board director and 
subsequently submitted to the Board.
To this end, when evaluating the candidates 
participating in the selection process, the 
procedure takes into account, among other 
things, the competencies, training, experience, 
professionalism, suitability, gender, impartiality, 
knowledge, qualities, abilities and availability 
of the members of the Board of Directors 
at all times, as it is the Appointments and 
Remuneration Committee that takes on the most 
relevant role in this process, with the possibility 
of contracting external advisory services (head 
hunters) if considered appropriate.
The appointment and removal of Board directors 
as well as the ratification of appointments by  
co-optation, if applicable, is subject to approval at 
the General Shareholders’ Meeting.
It should be noted that in December 2020, the 
Board of Directors appointed by co-optation 
Ricardo García Herrera, proposed by SEPI (State-
owned Industrial Holding Company), as a nominee 
director, with extensive knowledge of the energy 
sector and broad experience and expertise 
in sustainability, particularly in the fields of 
climatology, climate change and meteorology. 
Conflicts of interest
102-25
In all cases, directors shall disclose to the Board of 
Directors any situation of direct or indirect conflict 
that may exist between their own interests, or 
those of persons related to them, and the interests 
of the Company. Any conflicts of interest that 
involve Board directors shall be disclosed in the 
notes to the financial statements.
With respect to directors of the Management 
team, conflicts of interest are regulated within 
the Code of Ethics and Professional Conduct and 
in the Guide for the Management of Conflicts of 
Interest, as set out in the section in this report 
entitled ‘Ethics and Compliance’ 
.
Assessment of the competencies 
and performance of the Board 
102-27 / 102-28
For many years now, Red Eléctrica has been 
applying the principle of conducting an annual 
assessment of the functioning and performance 
of the Board of Directors, the Chairperson of 
SELECTION OF  
THE OPINION OF EXTERNAL 
INTERNATIONAL ADVISORS SPECIALISED 
IN SELECTION PROCESSES FOR BOARD 
MEMBERS
BOARD 
MEMBERS
The Appointments and Remuneration 
Committee has at its disposal, when it 
deems it appropriate,

71
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
the Board, the Chief Executive Officer of the 
Company as well as of the Committees of the 
Board, ensuring that this is conducted with the 
support of independent external advisors. The 
process carried out in 2020 has once again 
counted on the collaboration of an external 
consultant and was carried out under the 
oversight of the Appointments and Remuneration 
Committee in coordination with the lead 
independent director. A summary of its main 
conclusions is voluntarily published in the  
Annual Corporate Governance Report.
In terms of knowledge 
 development, the 
company has an induction plan for new directors, 
which includes the information and basic training 
that must be provided to the directors who 
have recently joined the Company. It should be 
noted that the said Plan includes information on 
sustainability matters, among other areas.
Additionally, on a periodic basis, internal 
information programmes on national and 
international trends in Corporate Governance  
may be established.  
One of the tools that have contributed to increasing 
the efficiency of the Board and its Committees 
has been the Board director’s intranet, in which 
the documentation on the sessions of the Board 
of Directors and its Committees is published, as 
well as corporate information of interest. Also, 
noteworthy in this aspect in 2019 is the complete 
digitalisation of the sessions of the Board of 
Directors and of the Board’s Committees which 
allows the holding of meetings through mobile 
devices (tablets and smartphones) and facilitates 
access to a custom-designed corporate intranet.
Board Remuneration
/ 102-35 / 102-36 / 102-37
Red Eléctrica applies the principle of maintaining 
a remuneration policy for the Board of Directors 
based on the principles of moderation, relationship 
with its effective dedication, alignment between 
the strategies and long-term interests of 
the Company and its shareholders and other 
stakeholders, and includes performance incentives 
whose monetary value would, in no way, have an 
influence on the independence of the Board director. 
The proposal regarding the remuneration of the 
Board was approved by a clear majority at the 
General Shareholders’ Meeting held on 14 May 
2020 with just 0.92 per cent of votes against. 
For many years now, the State-owned Industrial 
Holding Company (SEPI) has abstained from voting 
at the Ordinary General Shareholders’ Meeting on 
proposals regarding the remuneration of the Board 
and, it is a well-known fact, that this is the stance 
the SEPI maintains in the listed companies in which 
it has a minority shareholding. 
Noteworthy aspects regarding   
the remuneration of the Board
Since 2010, Red Eléctrica, as proof of its 
commitment to transparency with its shareholders, 
The Company 
has an Induction 
Plan for new 
Board members, 
which includes 
basic information 
and training for 
newly appointed 
directors.

72
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
has voluntarily submitted the Annual Report on 
Remuneration of Board Directors and, since 2007, 
the proposal for the annual remuneration of the 
Board of Directors, to the approval of the Ordinary 
General Shareholders’ Meeting, as separate and 
independent items on the Agenda of the General 
Shareholders’ Meeting. Therefore, the proposals 
and reports on these matters are submitted to the 
shareholders and are binding in nature. 
In 2020, this same course of action was 
continued and the 2019 Annual Report on 
Remuneration of Board Directors and the 2020 
proposal for the remuneration of the Board of 
Directors were submitted to the shareholders’ 
approval (binding vote) as separate and 
independent items of the Agenda of the Ordinary 
General Shareholders’ Meeting. In this way, Red 
Eléctrica Corporación S.A., has continued to 
align itself with the best practices of corporate 
governance, which aim to provide shareholders 
with sufficient autonomy and impartiality to 
vote individually and separately on each one of 
the wide range of items on the Agenda, which 
correspond to the competence of the General 
Shareholders’ Meeting.  
In addition, as of 2015, Red Eléctrica also submits 
the Remuneration Policy for Board Directors to 
the General Meeting for approval. Due to the fact 
that the period of validity (2016, 2017 and 2018) 
of the Remuneration Policy for Board Directors 
of Red Eléctrica Corporación, S.A., approved by 
the General Shareholders’ Meeting on 15 April 
2015 had expired, the new Remuneration Policy 
for Board Directors, applicable for 2020, was 
approved for the following three-year period by 
the Ordinary General Shareholders’ Meeting held 
on 22 March 2019.
It should be noted that in 2020 the remuneration 
system for the Chief Executive Officer, as well 
as for the senior-level executives, includes fixed 
elements and variable components tied to short 
and long-term goals, aligned with the objectives 
and strategies of the Red Eléctrica Group.
In particular, the variable annual remuneration 
of the CEO is based on compliance with a 
combination of predetermined and quantifiable 
business objectives, measured at Group level - 
which have a 75% weighting in the total variable 
annual remuneration - as well as compliance with 
the operational objectives of the management 
team linked to the businesses of the Red Eléctrica 
Group - which have a 25% weighting in the total 
The remuneration of the 
Board of Directors, and 
the Annual Report on 
Remuneration of Board 
Directors are approved by 
the shareholders.

73
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
variable annual remuneration. Among the latter 
is the objective linked to sustainability, which 
has a weighting of 12% and which is related 
to the fulfilment with a series of key projects 
within the framework of the Red Eléctrica Group’s 
sustainability strategy.
With regard to multi-year variable remuneration, 
at the end of 2020, the Board of Directors began 
the process of updating the 2018-2022 Strategic 
Plan, which enabled it to approve, at the meeting 
held on 24 November 2020, the structure of the 
new Long-Term Incentive Plan to Promote the 
Energy Transition, Reduce the Digital Divide and 
Promote Diversification, whose objectives are 
linked to the targets set out in the Group’s new 
Strategic Plan and are aligned with the lines set 
out in the current Remuneration Policy for Board 
Members. The Plan has a duration of 6 years 
and will end on 31 December 2025. Entitlement 
to receive the incentive is conditional on the 
fulfilment of objectives linked to the new 2021-
2025 Strategic Plan, as well as having to remain 
in the Company during the complete term of the 
Plan. It should also be noted that 10% of the 
incentive is linked to Sustainability.
Red Eléctrica applies sustainability 
criteria to calculate the variable 
remuneration of the CEO and 
senior-level executives.

74
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Principles of the   
Remuneration Policy
The Remuneration Policy of Board Directors, 
approved by the Annual General Shareholders’ 
Meeting held in April 2019, is based on the 
criteria of the previous policy and is based on the 
following principles: 
These principles are in accordance with the 
Group’s Corporate Governance Policy, last 
updated by the Board of Directors at its meeting 
on 24 November 2020 and published on the 
corporate website.
All detailed information on the remuneration of 
the Board of Directors can be found in the Annual 
Report on Remuneration of Board Directors and 
in the Remuneration Policy for Board Directors, 
published in the Corporate Governance section 
of the corporate website.
                           
Principles of the Remuneration Policy
• Balance and moderation.
• Alignment with the practices demanded by 
shareholders and investors.
• Transparency.
• Voluntary submission of any decision related 
to director remuneration to the approval of the 
Annual General Meeting of Shareholders.
• Non-discrimination on the basis of gender, age, 
culture, religion and race
• Based on the actual amount of time dedicated 
to the Board and its functions.
• Linked to the execution of their duties and 
responsibility as Board members.
• Alignment with Company strategy.
• Reasonable balance between the fixed and 
variable remuneration components, which 
reflects an adequate assumption of risks 
combined with the achievement of the defined 
objectives, linked to the creation of sustainable 
value.
 
• Alignment with the remuneration established in 
comparable companies.
• Based on the actual amount of time dedicated 
to the Board and its functions.
• Linked to the execution of their duties and 
responsibility as Board members.
• Non-inclusion of variable components in their 
remuneration in order to guarantee total 
independence. 
• Incentivising in nature, but the amount should 
not condition their independence.
General  
principles
 
Principles for  
the remuneration 
of the Executive 
Director
Principles for  
the remuneration 
of non-executive 
directors

75
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Commitment to 
Sustainability
4
The 2030 Sustainability 
Commitment enables the 
Company to address upcoming 
challenges and to enable 
existing opportunities 
to materialise.

76
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Anticipating change 
and taking action 
5
95
Decarbonisation 
of the economy 
6
145
7
Responsible value 
chain
198
8
Contribution to social, 
economic, and environmental 
development
323
Commitment 
to Sustainability
Key 
indicators  
in 2020
• 8 points out  
of 10 in the 
stakeholder 
perception  
survey.
• 89 points in  
the S&P Global 
assessment.
• 3,994 stakeholder 
requests handled.
• 95% of applicable 
grievances closed.
2020 
milestones 
• Approval of  
the 2020-2022 
Sustainability  
Plan.
• Renewal of the 
IQNet SR10 
certification  
(Social 
Responsibility 
Management 
System) for Red 
Eléctrica de 
España and  
Red Eléctrica 
Andina.
Challenges 
for 2021 
• Updating of the 
Sustainability  
Plan in accordance 
with the new 
Strategic Plan.
• Carrying out 
the external 
assessment in 
accordance with 
the EFQM 2020 
model.
• Review of our 
stakeholder 
management 
system.

77
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The 2030 Sustainability Commitment of the Red 
Eléctrica Group is based on ten principles defined 
in the Sustainability Policy and is based on four 
sustainability priorities aimed at responding to the 
challenges the organisation faces as a whole and 
to bring to fruition existing opportunities, in order 
to hold a position of reference within the global 
business context.
The 2030 Sustainability Commitment of the 
Red Eléctrica Group, approved by the Board of 
Directors, materialises the commitment made 
by the Company to its long-term continuity and 
success through a business model capable of 
creating shared value for all its stakeholders 
through the responsible execution of its activities.
The 2030 Sustainability Commitment 
of the Red Eléctrica Group
The Red Eléctrica Group’s commitment to Sustainability is based on the following principles:
Financial  
Sustainability
Talent, Diversity  
and Equality
Transparency
Respect for Human  
Rights
Corporate Responsibility  
and Excellence
Partnership with  
Stakeholders
Innovation
Creating Shared  
Value
Corporate Governance  
and Ethics
Caring for the  
Environment
The Red Eléctrica Group  
is committed to a strategic  
and cross-cutting undertaking 
to sustainability with  
a long-term vision.

78
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The sustainability priorities of the Red Eléctrica Group are…
Anticipating change 
and taking action 
Promote a corporate  
culture of innovation  
and flexibility that  
allows us to identify  
growth opportunities  
and respond to the  
challenges of  
the future, anticipating  
and adapting both  
to global trends and  
to the regulatory  
environment arising from  
the new energy model.
Decarbonisation 
of the economy
Be a proactive agent  
in the energy transition  
towards a zero-emission  
model, advocating  
for the electrification 
of the economy and  
the efficient integration  
of renewable energy,  
through a robust  
and better  
interconnected grid,  
as well as through  
the development and  
operation of energy  
storage systems.
Responsible  
value chain
Extend our  
responsibility  
commitment  
to all links in the  
value chain, ranging  
from our own  
people to suppliers  
and customers,  
accomplishing this  
through the creation  
of alliances and by  
basing it on our  
corporate governance  
and integrity model.
Contribution  
to social, economic 
and environmental 
development
Contribute to society’s economic, 
environmental and social progress
by providing a key service safely 
and efficiently. This is achieved 
by promoting environmental 
conservation, the quality of life and 
the social well-being of people.  
We also seek to involve the 
communities where our facilities  
are located in all aspects relating 
to our activity to generate a mutual 
benefit that positively impacts 
society as a whole.

79
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Said goals, defined by the Sustainability Steering 
Committee and validated by the Sustainability 
Committee of the Board of Directors, contribute 
directly to the fulfilment of the Sustainable 
Development Goals (SDGs) of the United Nations.
objectives       with a 2030 horizon that are 
measurable and aligned with its Strategic Plan. 
Said objectives have set out specific actions  
in order to:
The 2030 Sustainability Goals  
of the Red Eléctrica Group
In 2019, the Red Eléctrica Group took another 
step forward to further drive its Sustainability 
Commitment by defining eleven sustainability 
2030 Sustainability Goals of the Red Eléctrica Group
Decarbonisation  
of the economy
- 1 -
Reduce our GHG emissions  
by more than 40% per MWh 
transported.
- 2 -
Empower 100% of society  
for their active participation  
in the energy transition  
process.
- 3 -
Safely integrate 100%  
of the available renewable  
energy into the electricity  
system, minimising the curtailment  
of renewable energy generation  
and accelerating progress  
towards meeting the energy  
transition targets.
Responsible  
value chain
- 4 -
Be the driving force  
that promotes change 
in the way our  
suppliers operate.
- 5 -
Be a company financed  
under ESG criteria  
by 2030.
Contribution to social,  
economic and environmental 
development
- 6 -
Be a company of reference in gender 
equality: achieve parity in the executive 
management team by 2030.
- 7 -
Be a leading company in terms  
of diversity: inclusion of groups at risk  
of social and labour exclusion.
- 8 -
Generate a positive net impact on the  
natural capital of the areas in which our 
facilities are located.
- 9 -
Eliminate the digital divide completely: 
promote connectivity of 100% of people  
located in the vicinity of our facilities.
Anticipating change  
and taking action
- 10 -
Be a benchmark agent  
in the field of technology,  
spearheading at least 120  
technological innovation initiatives  
that contribute to the development  
of the energy transition 
and telecommunications,  
making it possible for the world  
to be more connected,  
smart and sustainable.
- 11 -
Be a leading company  
in the circular economy.

80
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Organisational structure
The 2030 Sustainability Commitment has the 
full support of the Board of Directors and the 
management team of the Red Eléctrica Group. 
This support and the commitment’s underlying 
message are conveyed to the entire organisation 
with the aim of generating a proactive attitude 
that incorporates sustainability criteria into the 
day-to-day decision-making process.
It should be noted that since 2018 the Red 
Eléctrica Group has had a Sustainability 
Committee within the Board of Directors, as a 
result of the strategic nature that sustainability 
Contribution to the Sustainable
Development Goals
The Red Eléctrica Group is an active agent in the 
achievement of the Sustainable Development 
Goals (SDGs) through the deployment of its 2030 
Sustainability Commitment, as it is fully aware that 
the role of the companies is key to the achievement 
of the United Nations 2030 Agenda. 
In this regard, due to the nature of its activity and 
that of the countries in which it operates, the Red 
Eléctrica Group identifies the SDGs that are most 
relevant and establishes how it can contribute to the 
fulfilment of each goal. It is worth mentioning that, as 
a socially responsible agent, the Red Eléctrica Group 
addresses the overall 2030 United Nations Agenda 
through its performance regarding sustainability.
The priority SDGs in the  
Red Eléctrica Group
Click on each of the icons for more information
The Red Eléctrica Group 
is an active agent in 
the achievement of the 
Sustainable Development 
Goals (SDGs) through 
the deployment of its 
2030 Sustainability 
Commitment.

81
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
involving all areas of the organisation in the 
implementation, supervision and monitoring  
of the 2030 Sustainability Commitment.
Furthermore, the Sustainability Steering 
Committee and the Corporate Sustainability  
& External Relations Area carry out a key role  
by reinforcing the implication of decision-makers 
at the highest level within the Company and 
has within the Company. During 2020, the 
Sustainability Committee met monthly to monitor 
progress on the 2030 Sustainability Commitment 
and oversee the main actions and proposals in 
this field.
Duties and responsibilities regarding sustainability
• Approve the Corporate Responsibility Policy.
• Promote ethical leadership that encourages compliance with the Code of Ethics and the adoption of corporate values, inside and outside  
the organization.
• Supervise compliance with the Group’s sustainability policies aimed at helping contribute to meet the Sustainable Development Goals.
• Monitor the Group’s strategy and practices in relation to the 2030 Sustainability Commitment and the sustainability policies and how they are  
linked to the Strategic Plan.
• Supervise the relationship processes with the various stakeholders.
• Supervise and coordinate the process of reporting information on sustainability matters in accordance with international standards of reference.
• Propose the Group’s Sustainability Principles and Guidelines.
• Guarantee the fulfilment of the targets and priorities of the 2030 Sustainability Commitment.
• Ensure the establishment of a management system and promote its efficient implementation.
• Guarantee that stakeholders’ requirements are properly analysed and assessed within the Company’s strategies.
• Promote internal awareness.
• Advise the Group on matters related to sustainability.
• Define and design the activities and structural elements of the Group’s management model.
• Design and monitor the Group’s plans and programmes.
• Ensure the development and ongoing improvement of sustainability management systems, structures, plans and projects.
• Carry out their activities and projects in accordance with the principles and guidelines set out in the 2030 Sustainability Commitment,  
ensuring the involvement of all collaborators concerned.
• Participate in the implementation of the management model.
Board  
of Directors
Sustainability 
Committee
Sustainability  
Steering Committee
Corporate Sustainability 
and External Relations 
area
Organisational  
areas
Approval
Monitoring and 
Assessment
Oversight
Implementation

82
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
the Sustainable Development Goals (SDGs) 
and consists of a total of 39 targets, 71 key 
performance indicators (KPIs) and 210 actions.
the Sustainability Committee of the Board of 
Directors. 
	
	
The new plan is made up of 17 lines of action 
aligned with the Group’s Strategic Plan and 
2020-2022 Sustainability Plan 
The 2030 Sustainability Commitment is deployed 
through multi-year plans. The 2020-2022 
Sustainability Plan was approved by the Executive 
Committee in July 2020 following a review by 
2020-2022 Sustainability Plan: courses of action
Decarbonisation  
of the economy
1  
Leading role in the  
energy transition.
2  
Mitigation of climate 
change: reduction  
of the carbon  
footprint.
Contribution  
to social,  
economic and 
environmental 
development
10  
Promotion  
of diversity.
11  
Elimination 
of the digital divide.
12  
Consolidation  
of a positive  
social footprint.
Responsible value chain
3  
Exemplary performance 
in corporate governance, 
compliance and ethics.
4  
Contribution to financial 
strength.
5  
Guarantee occupational 
health and safety, and 
well-being.
6  
Consolidation of a 
customer-centric culture.
7  
Progress in the  
social acceptance 
of electricity 
infrastructure.
8   
Conservation of 
biodiversity and natural 
capital.
9   
Responsible  
management of the 
supply chain.
Anticipating change  
and taking action
13  
Acceleration  
of innovation and 
technology.
14  
Boost for  
digital 
transformation.
15  
Development of 
the necessary 
talent.
16  
Adaptation  
to climate 
change.
17  
Transformation 
towards 
a circular 
economy.

83
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
It should be noted that the Red Eléctrica Group 
annually defines a sustainability objective for 
the management team, said goal is measured 
depending on the level of fulfilment of those 
projects that are most relevant and that have 
the greatest impact on the 2030 Sustainability 
Commitment. The achievement of this goal has an 
impact on the variable remuneration of the entire 
workforce. In 2020, the most relevant projects that 
achieved a 100% fulfilment were the following:
• Reduction of the carbon footprint of Scope 1 and 2.
• Definition of the calculation of the carbon footprint 
for the remainder of the Red Eléctrica Group 
companies.
• Presence in the main sustainability indexes.
Vision of the 
2020-2022 
Sustainability 
Plan: to 
maximise the 
contribution 
of the Red 
Eléctrica 
Group to 
resolving global 
challenges, 
consolidating 
its position as 
a worldwide 
benchmark in 
sustainability.
2020-2022 Sustainability Plan:
Progress made in 2020 / % /
Note: KPIs not available are those whose calculation depends on the 
development and implementation of a methodology that is currently 
being worked on.
1%
Behind schedule
6 %
Achieved
15 %
Not available at present
73 KPIs defined to monitor the  
achievement of 39 goals
210 actions (46 % average rate of progress)
1%
With pending issues
6 %
Finalised
8 %
Not started
78 %
On schedule
85 %
Ongoing

84
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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assess the degree of adaptation to the new  
2020 model, as a reference framework in the 
process of transforming the organisation,  
prior to the external assessment that is  
scheduled to be carried out in 2021.
Similarly, Red Eléctrica has quality systems 
certified in accordance with the ISO 9001 
standard in its main subsidiaries.
Of the actions carried out in 2020 in this  
area, noteworthy is the development of  
a pioneering project in the implementation  
and certification of the international standard  
UNE-ISO 19650-1 and two information 
management systems in building and civil 
engineering works, which use the Building 
Information Modelling collaborative work 
methodology in the construction project of  
the Chira-Soria pumped-storage hydroelectric 
power station in Gran Canaria. This information  
is detailed in the Energy Storage 
 section  
of this report.
Also noteworthy is the certification process 
carried out in 2020 of Red Eléctrica’s crime 
prevention and anti-bribery compliance system, 
in accordance with the UNE 19601 standards  
for crime prevention management systems and 
UNE 37001 for anti-bribery management systems. 
This information is detailed in the Ethics and 
compliance 
 section of this report.
the validity of the European Excellence 500+  
Seal granted by EFQM through 2020, after the 
external evaluation carried out in 2017 in which  
it scored over 700 points. 
Following the publication of the EFQM 2020 
model, Red Eléctrica has developed a project to 
Corporate responsibility  
management system
Red Eléctrica regularly assesses its management 
system through tools that allow the degree of 
fulfilment of the commitments taken on to be 
assessed and the progress made in the defined 
objectives to be measured. 
Red Eléctrica’s corporate responsibility 
management system is certified according 
to the international standard IQNet SR10 
(Social Responsibility Management System), 
whose adequate implementation is assessed 
annually through external audits. In 2020, the 
requirements for the renewal of this certification 
were met. Furthermore, Red Eléctrica Andina  
(REA S.A.C., REDESUR S.A., TESUR and TESUR 2) 
has kept abreast of the requirements to maintain 
this certification in 2020.
Additionally, the Company submits its corporate 
responsibility management system to periodic 
internal audits to verify its compliance with  
the standard.
Guarantee of excellence
Red Eléctrica adopted the EFQM (European 
Foundation for Quality Management) excellence 
model in 1999 as a tool to achieve enhanced 
performance in the Company’s management,  
and since then, it conducts external evaluations  
on an annual basis. Red Eléctrica has maintained 
The corporate  
responsibility management 
system of Red Eléctrica  
de España is certified
WHOSE PROPER  
IMPLEMENTATION IS ASSESSED  
ANNUALLY THROUGH 
EXTERNAL AUDITS
IN ACCORDANCE  
WITH THE
INTERNATIONAL 
STANDARD
IQNet SR10

85
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
ISO26000 or the Global Reporting Initiative. This 
model ensures that relevant economic, social 
and environmental aspects associated with the 
activities and services of the Red Eléctrica Group, 
that may have an impact on its stakeholders are 
adequately managed, thereby avoiding the risk  
of not promptly identifying issues that may affect 
the Company’s relationship with its stakeholders.
The stakeholder management model        of the 
Red Eléctrica Group incorporates the requirements 
established in the rules and standards of reference 
in the field, such as: AA1000, IQNet SR10, 
Stakeholder 
management model 102-40 / 102-42
Stakeholder Groups
Investors, 
shareholders  
and partners
Clients
Business  
sector and 
Professional 
Associations
Suppliers
Innovation  
agents
Regulatory  
bodies and 
the Public 
Administration
Social 
environment
People
Opinion  
generators

86
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
• The relationship framework helps categorise  
the type of relationship with each stakeholder 
group and defines the most appropriate 
relationship channels.
In 2020, the Company started a project aimed 
at conducting a broad review of the stakeholder 
management model, which will provide an updated 
and prioritised inventory for each company of the 
Red Eléctrica Group, which will serve as a starting 
point for defining new frameworks for relationships 
with stakeholders, specific to each company and 
updated to the reality of the Group.
This model encompasses the following phases:
• The stakeholder identification and segmentation 
phase which is carried out by analysing the 
interrelationships between the processes and 
activities of the Company with its socio-economic 
environment. 
• The prioritisation phase performed by analysing 
the influence that each stakeholder group has 
on the achievement of the Company’s strategic 
objectives and the impact that the Company’s 
activities have on each stakeholder group being 
considered.
The stakeholder 
management model 
of the Red Eléctrica 
Group incorporates 
the requirements 
set out in the rules 
and standards  
of reference in  
this field.
Stakeholder Management Model
INVENTORY OF 
STAKEHOLDERS
Identification
•
Mapping
•
Prioritisation
1
RELATIONSHIP 
CHANNELS
2
RELATIONSHIP 
FRAMEWORK
Commitments
3
DIALOGUE
4
ASSESSMENT
Satisfaction 
level
•
Perception 
of performance
•
Requirements and 
expectations
5
IMPROVEMENT
6

87
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Dígame Service in Spain 
102-43 / 102-44
The Dígame service has guaranteed, since 
2008, the professional management of enquiries 
related to Red Eléctrica’s services regarding 
the operation of the national electricity system 
and the management of the transmission grid 
submitted by external stakeholders through  
the Group’s various communication channels 
available (phone, e-mail, online web form and  
post or registered fax). This service is staffed  
Noteworthy projects in 2020 
• A systematisation process aimed at 
identifying and involving stakeholder groups 
in transmission grid investment projects, and 
an action plan for their engagement in the 
transmission grid planning process. In 2020, 
the functionality for managing stakeholders 
related to transmission grid projects has 
been further developed as part of the ÁgOra 
global project management tool initiative. This 
tool enables the identification, registration, 
categorisation and association of actions related 
to transmission projects, although the aspect 
related to geodesign is yet to be included. All 
the above is carried out in order to anticipate 
the needs and define solutions that can help to 
improve the integration and social acceptance 
of transmission grid developments within the 
territory. The implementation of three pilot 
projects is also planned: the Spanish Peninsula-
Balearic Islands link, the Trans-Manchego axis 
and the Morella-La Plana axis. 
• Stakeholder identification and action plan 
within the transmission grid planning process. 
In 2020, a meeting of this working group was 
held to present new detailed foresight studies 
up to the 2030 horizon regarding the operation 
and management of the mainland and island 
electricity systems as well as the needs of both 
systems considering future decarbonisation 
scenarios. 
THE DÍGAME SERVICE
provides stakeholders with a
FOR ENQUIRIES
PROFESSIONAL 
MANAGEMENT  
SERVICE

88
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Applicable grievances managed 
Of the 260 grievances received, 219 have been 
considered applicable as they correspond to the 
functions and responsibilities of Red Eléctrica. 
Of these, 58 have been upheld (i.e., grievances 
accepted based on arguments submitted, in full  
and shareholders (573) and customers and 
business sectors and associations (both with  
572 enquiries each). To a lesser extent, there  
were also enquiries from regulatory bodies  
and administrations, suppliers and other 
stakeholder groups.
by personnel from the Juan XXIII Roncalli 
Foundation, a non-profit organisation that 
facilitates the professional integration of people 
with some type of disability.
Throughout 2020, a total of 3,559 enquiries  
were received and managed, with social 
environment being the stakeholder group making 
the most enquiries (1,560), followed by investors 
Enquiries received from stakeholders / % /
43.8 %
Social  
environment
16.1 %
Investors  
and shareholders
16.1 %
Clients
16.1 %
Business sector 
and professional 
associations
4.2 %
Regulatory bodies and the 
Public Administration
3.5 %
Suppliers and technology 
providers
0.3 %
Opinion  
generators
The Dígame 
service is managed 
by personnel 
from the Juan 
XXIII Roncalli 
Foundation,  
a non-profit 
organisation 
that facilitates 
the professional 
integration of 
people with some 
type of disability.

89
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Latin America through a procedure that establishes 
the response times and the prioritisation 
of communications received from external 
stakeholders (organisations, entities, communities, 
associations, customers or the general public). 
Of the claims received in Peru, most are related 
to the concession of the company CCNCM and  
one regarding TESUR 2, while in the case of  
Chile, the complaint received refers to REDENOR.  
All of them request compensation for the impact  
of the facilities.
Of the total number of requests for information 
received in Peru, 53 are in the process of being 
resolved, while in the case of Chile, all have been 
closed during the year.
Information on the claims received by REINTEL 
and HISPASAT is detailed in the Customer 
Orientation 
 section of this report.
95% of the applicable grievances have been 
closed, with the remainder still being dealt with. 
Of the 21 grievances that remained open at the 
end of the 2019 financial year, 19 have been 
fully closed during 2020, with 2 grievances still 
pending to be closed regarding the Tenerife 
incidents which, due to their complexity, are 
in the process of being resolved.
Dígame Service abroad 
During 2020, the channel for enquiries, requests, 
complaints and claims has been consolidated in 
or in part, and which are considered to be true  
and justifiable).
Most of the grievances received fall into two 
categories: quality and continuity of supply and 
impacts of facilities. With regard to the first 
category, grievances were mainly identified in 
relation to the incidents that occurred in Tenerife 
on 29 September 2019 and 15 August 2020, 
and within the second category, there were mainly 
grievances relating to the felling and clearing  
of vegetation.
By type	
Peru	
Chile
Claim	
4	
0
Complaint	
12	
1
Enquiry	
2	
0
Request for info	
401	
15
Total	
419	
16
GRIEVANCES  
CLOSED
OF THOSE DEEMED APPLICABLE 
HAVE BEEN CLOSED, AND THE REMAINING  
ARE STILL BEING DEALT WITH
Breakdown by type of grievance
Quality and continuity  
of supply	
173
Impact of facilities	
41
Energy metering	
2
Other	
3
Total	
219
Grievance by stakeholder 
group
Social environment	
187
Business sector/Professional 
associations	
28
Clients	
4
Total	
219
95 %

90
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Perception Surveys
102-43 / 102-44
The Company carries out a programme  
of perception surveys, as a tool for dialogue, 
to ensure knowledge of stakeholder requirements 
and expectations, evaluate performance and 
identify the actions that must be taken to  
align relationships of the Red Eléctrica Group 
with best practices and thus ensure ongoing 
improvement.
Stakeholder perception surveys allow  
the Company to perform a quantitative and  
qualitative analysis of the demands and needs  
of the stakeholders. These studies are conducted 
periodically, generally every three years, by an 
external consultant in order to guarantee the 
confidentiality and validity of the process. 
The assessment and analysis of the needs 
obtained from the perception surveys entails  
the drafting of an improvement action plan and 
the subsequent monitoring of the fulfilment  
of such actions. The results of the studies  
and the action plans are communicated to the 
stakeholder group concerned, with the goal of 
reaching consensus regarding the best proposals 
put forward by the Company. Stakeholders are 
also provided with the degree of fulfilment  
of the action plan at year-end.
In 2020, the Company continued to review and 
update the perception studies, implementing 
Global indicators of the stakeholder perception 
survey
	
2016	
2017	
2018	
2019	
2020
Perception index (1)	
8.1	
8.1	
8.3	
8.1	
8.0
Perception level	
8.2	
8.3	
8.4	
8.2	
8.2
Overall assessment of services	
8.0	
8.0	
8.2	
8.0	
8.0
Assessment of the communication and information activities 	
-	
-	
-	
8.0	
7.9
Assessment of the execution of activities 	
-	
-	
-	
8.4	
8.2
Reputation (2) 	
8.6	
8.6	
8.6	
8.2	
8.0
(1) The perception index (IP), a newly developed indicator in 2019, is calculated based on performance evaluations in terms of overall 
perception and includes the assessment of the services that the Company provides to different stakeholders:
•	 The overall perception level (A0) includes the stakeholders’ assessment of the Company’s overall performance.
• The overall evaluation of services (B) provides information on the assessment expressed by stakeholders about the services they 
receive from the Company.
IP= 35% A0 + 65% B (weighted values based on stakeholder prioritisation).
(2) Starting in 2019, this indicator is calculated based on the assessment values obtained for each of the aspects that make up the 
reputation of the Red Eléctrica Group, whereby there is no direct traceability with the reputation values provided for previous years, 
which would trace directly with the resulting assessment of the Overall Image of the Company provided in the table shown on the 
following page.

91
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
the improvements identified in 2019 in the 
studies carried out during the year. The following 
improvements are noteworthy:
• Improvement of the structure of the studies, 
adapting it to the 2030 Sustainability 
Commitment, seeking synergies between 
themes and target audiences.
• Inclusion of the identification of relevant issues 
and assessment of their relevance to each 
stakeholder.
• Identification of global indices, both in terms  
of perception and reputation.
In 2020, the Company conducted a perception 
study of the following stakeholders: suppliers 
of goods and services, financial institutions, 
institutional investors, financial analysts and the 
media. Internally, a perception study was carried 
out on internal communication, the calculation 
of the carbon footprint and studies aimed at 
assessing the management of IT services.
The overall perception score of all the stakeholder 
groups analysed was 8 out of 10.
THE PERCEPTION  
STUDY
analysed all stakeholder 
groups and the overall
OUT OF 10
SCORE WAS
8
2020 Assessment 
of the reputation 
aspects
8.4
Overall 
image of the 
Company
8.2
Ethics and 
compliance
7.5
Good 
governance 
and 
transparency
7.9
Local 
development
8.0
Business 
leadership
8.2
Risk 
management
7.8
Innovation  
and change
8.2
People 
management
7.9
Orientation to 
stakeholders
7.9
Environmental 
conservation 
and improve-
ment 
7.4
Vision, 
strategy and 
financial 
strength

92
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
to sustainability, among which noteworthy are: 
the United Nations Global Compact Principles, the 
UN Women’s Empowerment Principles, the New 
European Green Deal, Climate Ambition Alliance, 
Caring for Climate, the Biodiversity Compact, the 
Code of Good Tax Practices and the initiative CEO 
for Diversity, among others. / 102-12
The inclusion of the Red Eléctrica Group  
in the most internationally recognised 
sustainability indexes shows its firm commitment 
to sustainability and its commitment to 
responsible transparency and accountability 
towards stakeholders.
Additionally, the Company is voluntarily adhered to 
various initiatives that strengthen its commitment 
Leadership 
in Sustainability
Results of the sustainability assessments
S&P Global
Vigeo Eiris
FTSE Russell
MSCI 
ISS ESG
Sustainalytics
Bloomberg GEI
CDP Climate Change
0 - 100
0 - 100
0 – 5
CCC – AAA
D- / A+
0 – 100
0 - 100
F – A
89
67
3,8
AAA
B+
90 
69.57
A
Sustainability Analysts
Scale
Results
Evolution
The Sustainability Yearbook 
2021 has awarded the Red 
Eléctrica Group the Silver 
Class distinction in the 
Electric Utilities sector 
published by S&P Global.
Presence in Sustainability 
Indexes
(*)
(*)  First assessment carried out in 2020.

93
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
direct contact with its stakeholders. In addition to 
the Group’s corporate website, noteworthy are also 
the websites of: Red Eléctrica Internacional (www.
reinternacional.com/en), REINTEL (www.reintel.
es/en), Hispasat, (www.hispasat.com/en) or the 
new technological platform Elewit (www.elewit.
ventures/en), each providing specific information 
on these businesses.
The Red Eléctrica Group is committed to 
transparency as a pillar of its business strategy 
and of its relationship with the various stakeholder 
groups, and is committed to active, fluid and 
continuous communication with the aim of 
permanently disclosing information regarding 
its activities, including those related to its 
commitment to sustainability, under criteria  
of objectivity and transparency, offering clear, 
reliable and balanced information.
Corporate websites: more 
information, more knowledge
The corporate website www.ree.es/en is an 
informative and interactive space that contributes 
to showcasing the Company’s commitment to 
transparency, facilitates information and knowledge 
regarding its business activities, promotes 
digitalisation, reliability and trust, and reinforces 
Transparency 
and communication
Elewit  
Web
Clients  
Section (*)
New web section regarding
transmission projects (*)
Expansion of the
content of the REData
section (*)
Expansion of
the web section
on Grid access,
connection to the
grid and
commissioning
of new renewable
generation (*)
New content and updates to the corporate 
websites
(*) These sections are currently only available in Spanish.

94
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Promotion of digital channels
Red Eléctrica now has reached 22,000  
followers on Twitter, 4,700 on Facebook,  
44,200 on LinkedIn and 1,500 subscribers  
in YouTube. All these channels represent an 
essential tool for disseminating information 
regarding the Group’s activity and help consolidate 
transparency and relations with the various 
stakeholder groups.
biodiversity as the main drivers of sustainable 
development and the creation of shared value.
Additionally, the Company has launched the new 
redOS application as detailed in the Customer 
Orientation 
 section of this report.
On the other hand, both on the corporate website 
and in the Red2030 blog (the Company’s blog on 
action, sustainability and commitment – currently 
only available in Spanish), the Company has 
continued to raise the profile of the activities 
carried out by the companies of the Red 
Eléctrica Group in the different areas of energy, 
technology and telecommunications which are 
geared towards promoting the energy transition 
as well as innovation and connectivity. These 
areas are the foundations of the Company’s 
commitment to sustainability, which in 2020 
was more pronounced as showcased by the 
solidarity actions carried out during the COVID-19 
pandemic. A responsibility to society that has 
also been reflected in the promotion of rural 
areas to curb depopulation and the digital 
divide, in addition to fostering diversity, energy 
efficiency, the circular economy, the 2030 Agenda, 
the climate emergency and the protection of 
In 2020, the Red Eléctrica Group continued to advance regarding 
transparency with stakeholders, facilitating new web spaces and more 
relevant content on the corporate website.
Corporate website indicators in 2020
More than
1.5 million 
users and 
2.6 million  
sessions
400,000 
downloads
14th position 
in the ranking of the best websites 
of the IBEX 35 companies, according  
to the international 2019-2020 Webranking survey 
conducted by the consultancy firm Comprend

95
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Anticipating 
change and 
taking action
5
Enabling possible risks to be 
converted into opportunities 
entails the need to advance 
towards a proactive 
management approach.

96
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Anticipating 
change  
and taking  
action
The Red Eléctrica Group takes on the following 
commitment as one of its sustainability priorities: 
Promote a corporate culture of innovation 
and flexibility that allows it to identify growth 
opportunities and respond to the challenges  
of the future, anticipating and adapting both to 
global trends and to the regulatory environment 
arising from the new energy model. 
Risk Management
101
Comprehensive  
Corporate Security
119
Transformation:  
Culture, Digital and 
Technological Innovation
127
Trends and opportunities
97

97
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
5.1
Trends and 
opportunities
102-15
Within a socio-economic environment like the current one we are living 
in, and in which global challenges mark the agendas of companies and 
determine their sustainability in the long term, the Red Eléctrica Group 
carried out an exhaustive analysis in 2019 of the context of its sustainability 
commitment, identifying the main existing trends in order to be fully aware 
of the key issues that have an influence on today’s business environment 
and may have a relevant impact on the Group’s business model in the 
upcoming future. These trends are classified into:
∫ Five key global trends or megatrends. Key issues with a level of influence 
worldwide that impact on the business model of companies in all sectors  
of activity as well as on the management of government administrations.

98
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
∫ Ten sectoral trends. Key issues with a high level 
of influence in the Red Eléctrica Group’s areas 
of activity: electricity, telecommunications and 
technology.
∫ Twelve sustainability trends. Key issues with  
a global level of influence linked to specific 
areas of management with an impact on the 
sustainability of companies.
Trend map of the Red Eléctrica Group
  Global trends        
  Sustainability trends        
  Sectorial trends
Click on each concept for more 
information
Globalisation: trade wars and 
economic power shifts
Urban development and 
rural depopulation
Circular  
economy
Loss of 
biodiversity
Socially responsible investment 
and sustainable financing
Transparency
Demographic growth and 
population ageing
The fourth industrial 
revolution
Climate 
emergency
The search for 
specific talent
Sophistication of ESG 
assessments
Growth in electricity 
demand
Informed and empowered 
consumers
Purpose-driven 
companies
Energy 
efficiency
Gender equality  
and diversity 
Social footprint
Active 
consumer
Data 
governance
Greater capacity in  
data transmission
Cyber security
Smart devices
Sustainable 
mobility
Digital 
divide
Technological 
revolution
Relevant role of 
renewables
Energy storage

99
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The transition opportunities, linked to the 
changes involved in the fight against climate 
change (regulatory, technological, market and 
reputational), are considered relevant by the 
Red Eléctrica Group. Due to the Company’s 
main activity, aspects related to energy 
policies established within the framework of 
the European Union are particularly significant, 
specifically those reflected in the draft National 
Energy and Climate Plan (NECP), whose 
scenarios have been taken as a reference for 
the analysis carried out.
These policies entail, among other aspects, 
greater electrification, a larger share of 
Opportunities arising from 
climate change / 201-2
The fight to curb climate change implies a 
profound transition in the energy model. A key 
part of this transition will take place in the 
electricity sector. The changes arising from the 
new model represent a series of opportunities 
for the Red Eléctrica Group, which must 
promote its activities and reinforce its role  
as a key player in the electricity system. 
To strengthen the process of identifying 
opportunities associated with climate change, 
in 2018 the Red Eléctrica Group began to 
work on incorporating the recommendations 
of the Task Force on Climate-related 
Financial Disclosures (TCFD). Thus, in 2019, 
the Company completed the definition of a 
methodology for identifying, prioritising and 
quantifying financial aspects, which has been 
applied considering different scenarios. This 
work has been carried out for both risks and 
opportunities.
Following the TCFD recommendations, 
the identification and the assessment of 
opportunities are systematically reviewed 
once a year, and the results will be submitted 
to the Sustainability Committee of the Board 
of Directors, in order to strengthen the 
consideration of opportunities in the decision-
making process and in the Group’s operational 
and strategic plans.
The Board of Directors annually oversees  
the identification and assessment  
of climate-related opportunities with 
the aim of taking these opportunities  
into consideration in the Group’s decision-
making processes and strategic and 
operational plans.

100
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
renewable energy in the energy mix and  
changes in mobility policies, with the promotion  
of rail transport and the implementation of 
electric vehicles. 
In this context, the electricity transmission grid, 
in addition to its essential role in transporting 
energy to the distribution networks and enabling 
the connection of new renewable power capacity, 
plays a fundamental role in providing critical 
services for the security of supply (reliability, wave 
quality, response capacity when faced with excess 
energy generation and the control of voltage 
level and frequency), which become even more 
relevant in a more decentralized system and with 
new elements (digitization, distributed generation, 
self-consumption ...), requiring greater coordination 
between all agents.
All these aspects imply a clear need for new 
investments to tackle the challenges posed by the 
energy transition and, therefore, represent a clear 
opportunity for growth for the Company.
On the other hand, the improvement in the 
performance of the Red Eléctrica Group in matters 
related to the mitigation and adaptation to climate 
change can positively influence the Company’s 
reputation, which could entail additional 
opportunities.
Transition opportunities for the Red Eléctrica Group
• Development of the existing grid: integration of new installed renewable power capacity, 
interconnections, power supply for the high-speed train and support for an enhanced 
electrification of society (investment in lines, substations and interconnections).
• Development of infrastructure associated with new functionalities and services: 
protection systems, FACTS equipment and other grid infrastructure control and  
monitoring equipment. 
• Development of energy storage in island systems.
• Increase in share price.
• Financial opportunities linked to the accreditation of projects in green  
bond schemes.
New investments  
for the energy  
transition
Improvement of the 
reputation associated 
with the Red Eléctrica 
Group’s performance
REPRESENT SIGNIFICANT ENERGY  
TRANSITION OPPORTUNITIES  
FOR THE RED ELÉCTRICA GROUP
INCREASED 
ELECTRIFICATION OF  
THE ECONOMY AND A 
GREATER INTEGRATION  
OF RENEWABLES
linked to the necessary changes  
required in the fight against  
climate change and those related  
to European energy policies

101
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
5.2
Risk 
Management
102-11
Key 
indicators  
in 2020
• More than  
500 action plans  
to reduce the level 
of risk.	
• More than   
300 indicators 
to monitor risk 
evolution.
2020 Milestones
• Revision of the risk map linked to  
the scenario due to the COVID-19  
pandemic.
• Completion of the implementation of  
the Comprehensive Risk Management 
System IT tool.
• Collaboration and support in the  
preparation of the specific risk map for 
REINTEL’s activities.
• External assessment of the Comprehensive 
Risk Management System in accordance 
with the best practices established by  
COSO ERM 2017 and ISO31000:2018 
Standards.
• Consolidation of the climate-related risk 
management and reporting model in 
accordance with TCFD recommendations
Challenges  
for 2021
• Updating of the Policy 
and General Procedure of 
the Comprehensive Risk 
Management System.
• Completion of the update 
of the acceptable risk 
levels established by  
the Group.
• Implementation of 
the improvement plan 
resulting from the 
external assessment  
of the Comprehensive 
Risk Management 
System carried out  
in 2020.

102
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The Red Eléctrica Group has a comprehensive 
risk management system in place in order to 
facilitate fulfilment of the Group’s strategies 
and objectives, ensuring that the risks that 
could have an impact on them are identified, 
analysed, assessed, managed and controlled in 
a systematic manner, with uniform criteria and 
within the level of acceptable risk approved by the 
Board of Directors.
The management System conforms to the ISO 
31000 standard regarding risk management 
principles and guidelines and is ongoing and 
comprehensive in nature. Said management is 
established per business unit, subsidiary and 
support areas at a corporate level.  
The Red Eléctrica Group has a Comprehensive 
Risk Management Policy and general Procedure 
for comprehensive risk management and control, 
based on the COSO(1) ERM-Enterprise Risk 
Management-Integrated Framework.
In 2020, an external evaluation process of the 
Red Eléctrica Group’s Comprehensive Risk 
Management System was carried out by a 
reputable audit company in order to assess 
the alignment of the current model with best 
practices according to ISO 31000:2018 and 
COSO ERM 2017 Standards. As a result of this 
assessment, it has been concluded that the 
implementation of the system is in accordance 
with the reference standards. In addition, a 
series of aspects for improvement have been 
identified that can help to strengthen the current 
system and which have been taken into account 
for the development of the Comprehensive Risk 
Management System Activity Plan for 2021.
(1) Committee of Sponsoring Organisations of the Treadway Commission. 
Comprehensive risk 
management policy
Comprehensive risk 
management procedure
Comprehensive Risk 
Management System
Comprehensive Risk Management Procedure
Identify risks and exposure to the factors  
that produce them.
Define the probability of occurrence of the risk  
and its level of impact.
Determine the risk value: low, medium or high. 
Develop action plans that mitigate  
or reduce the risk to maintain them at  
the acceptable level.
Incorporate information on relevant risks (risk map)  
and inform the governing bodies..
Identification 
Assessment: 
Probability/Impact
Analysis of  
the risk level 
Action Plan 
 
Monitoring  
and control
Objectives
Phases
1
2
3
4
5

103
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Organisational structure regarding risk management and control
Organisational structure regarding risk 
management and control 102-30 / 102-31
• Monitoring of the map of relevant risks.
• Ensure the adequate control and monitoring of risk 
management and mitigation action plans..
• Identify and report to the Internal Audit and Risk Control 
Management Area on new relevant risks that may arise,  
or regarding relevant changes in risks already identified, and 
that may have an impact on the activities, processes and 
projects managed.
• Assess relevant risks with the support of the Internal Audit and 
Risk Control Management Area and manage such risks.
• Manage the activities, processes and projects in accordance 
with the acceptable risk level established. Design and 
execute, when appropriate, action plans to bring the risks 
within the corresponding acceptable level and keep them at 
said level. Carry out said management in accordance with 
principles and guidelines established in the Comprehensive 
Risk Management Policy.
• Approve the Comprehensive Risk Management  
Policy of the Group.
• Approve the criteria of the acceptable risk level.
• Periodic monitoring of the efficiency of the 
comprehensive risk management system.
• Support organisational units of the Group in the 
implementation of the Comprehensive Risk Management 
and Control Procedure.
• Control that risks are managed within the acceptable 
risk level established and in accordance with the 
principles and guidelines set out in the Comprehensive 
Risk Management Policy.
• Monitor the risk level of the Group and the evolution of 
its risks.
• Ensure information on risks flows to the bodies 
responsible for their control and from these to the units 
responsible for the management of the corresponding 
processes or projects.
BOARD OF DIRECTORS
AUDIT COMMITTEE
INTERNAL AUDIT  
AND RISK CONTROL  
MANAGEMENT AREA (1)
ORGANISATIONAL UNITS  
RESPONSIBLE FOR  
PROCESSES OR PROJECTS
EXECUTIVE COMMITTEE
+
GUIDELINES
 INFORMATION
(1) This management area reports to the Chairperson’s Office.

104
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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Risk Structure
102-15
The core business of the Red Eléctrica Group is 
the transmission of electricity and the operation 
of the electricity system in Spain. Said activities 
are regulated in as far as they are critical to the 
security and continuity of the electricity supply in 
Spain and are carried out exclusively by the Group. 
This aspect establishes this specific business 
as a regulated activity and therefore affects not 
only the setting of regulated income and the 
social, economic and environmental elements, 
but also the conditions that must be met by the 
Company when undertaking its main activity and 
determines the risks to which it is exposed. 
The Company has a risk classification structure in 
order to facilitate a more complete identification 
of the risks and allow a more detailed analysis. 
This structure enables the risks identified to be 
classified into three levels of aggregation.
As a result of the risk analysis carried out by 
the Red Eléctrica Group, in the most recent risk 
map presented, 99 risks were identified, whose 
distribution in the first two levels of aggregation 
can be seen in the graphics on the right.
The Company has a risk 
taxonomy in place in 
order to facilitate the 
identification of risks.
Risk distribution  
(first level)  
/ % /
Risk distribution (second level) 
/ Nº /
Strategic  
23 %
64%
Operational
13 %
Financial
15
5
36
SUSTAINABILITY AND 
GOOD GOVERNANCE
ASSETS  
IN SERVICE
INFORMATION  
SYSTEMS
PEOPLE AND  
ORGANISATION
COMPLIANCE
MARKET
SOLVENCY
COUNTERPARTY
INSURANCE
ASSETS  
PLANNED AND /  
OR IN PROGRESS 
REGULATORY  
FRAMEWORK
BUSINESS
5
5
2
3
11
7
3
6
1

105
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Acceptable risk level 
The Risk Management System of the Red 
Eléctrica Group establishes a methodology for 
determining the level of risk. In this way, all risks 
identified are classified individually into three 
categories: high-level risks, medium-level risks 
and low-level risks.
The level of a risk is established by combining 
two variables, the probability of occurrence 
and the impact the risk would potentially have 
on the Company and on the four key elements 
of the business, shown on the left, should it 
materialise.
Depending on the probability of occurrence and 
the level of impact of each risk, it is included 
under the corresponding element in the 
probability / impact matrix, which automatically 
determines the level of risk. The following matrix 
reflects the distribution of the 99 risks identified 
according to their valuation.
The level of risk that the Red Eléctrica Group is 
willing to accept is established both individually 
for each risk, and as an aggregate for each of 
the impact axes.
The overall level of acceptable risk that the Group 
is willing to assume for each of the four axes of 
Electricity supply
Achievement of  
the Strategic Plan
Reputation
Financial loss
Risk distribution (impact/probability)
1
-
-
-
-
2
4
2
-
-
3
7
11
3
-
6
26
18
1
3
3
5
2
1
1
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 4
LEVEL 5
LEVEL 5
LEVEL 4
LEVEL 3
LEVEL 2
LEVEL 1
Impact
Probability
Business  
elements to gauge  
the risk impact

106
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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impact considered in the Comprehensive Risk 
Management System is approved by the Board of 
Directors. As a general rule, the overall risk level 
in each axis should not exceed the acceptable 
risk level approved for each one.
Individually, as established in the 
Comprehensive Risk Management Policy, any 
risk that does not exceed the level of low risk is 
considered acceptable. Risks that exceed this 
level must be subject to actions until it is within 
the acceptable level. Risk management must be 
carried out applying coherent criteria that takes 
into consideration the importance of the risk 
and that of the cost and the means/resources 
necessary to reduce it. However, for activities 
that have an impact on the electricity system, 
the impact of these risks must also be taken 
into account.
Risks materialised in 2020 
In relation to operational risks, it is necessary to 
highlight that the facilities of the transmission 
grid are exposed, permanently, to events that 
may have an impact on the continuity and 
security of the electricity supply. These events 
are mainly caused by third parties and by 
meteorological phenomena. Should these events 
materialise, the Group has insurance policies 
that limit the potential impact these events may 
have on the income statement.
On 21 January 2020, there was a power outage, 
mainly in the province of Girona, due to the 
damage caused as a result of the snow and 
high winds from Storm Gloria. The incident 
caused the grid to collapse, leading to a zero-
voltage situation in various transmission and 
distribution substations and, finally, a power 
outage, which affected more than 400,000 
points of supply. The direct current electricity 
interconnection with France, commissioned 
in 2015, was decisive in the rapid recovery of 
service (close to two and a half hours), as it 
allowed direct control of the flow of energy 
arriving in Spain from the French system, which 
facilitated a more controlled and secure process 
to restore the supply.
On the other hand, the monitoring measures 
of the Spain-Morocco interconnection made it 
possible for a leak to be detected in cable 4 of 
the link on 30 July, this was located in one of 
the sealing plugs used in the repair of a leak 
that occurred in 2018. In reply to this incident 
regarding an accidental spill, the Interior 
Maritime Plan for the link was implemented, 
which guarantees an immediate response, 
The overall level of acceptable 
risk that the Group is willing 
to assume for each of the four 
axes of impact considered 
in the Comprehensive Risk 
Management System is 
approved by the Board of 
Directors.

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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
corrective actions by the personnel involved, 
the correct use of anti-pollution equipment and 
material, and the adequate coordination with 
the organisations working in the management 
of the incident and the Public Administrations 
involved. On 3 September, the sealing work was 
completed, and the Interior Maritime Plan was 
deactivated in Phase 0 (alert). The security of the 
interconnection’s electricity supply was never 
compromised at any time thanks to its double 
circuit and the fact that the cable affected 
(reserve) has been out of service since it was 
rendered inoperative in 2018.
On 30 January, the World Health Organisation 
(WHO) declared the outbreak of the new SARS-
CoV-2 or COVID-19 coronavirus an international 
public health emergency and, in mid-March, a 
pandemic. From the first few days of February, 
the Company applied an exhaustive contingency 
plan that has meant that the situation derived 
from COVID-19 has not had a significant impact 
on the Group’s business activities.
Red Eléctrica de España guaranteed that all 
households and essential services had an 
electricity supply at all times. Similarly, the 
electricity infrastructure business abroad and the 
telecommunications business (fibre and satellite) 
provided their essential services without incident. 
In this context, the Group has deployed measures 
to safeguard the health and safety of all its 
professionals, applying action protocols adapted 
to the recommendations issued by the various 
competent authorities. TIn recent years, the digital 
transformation process implemented by the 
Company has enabled the safe remote working of 
all Group employees whose physical presence in 
the work centres is not strictly necessary (80% of 
the workforce).
The development of new infrastructure, both for 
electricity transmission and telecommunications, 
suffered temporary delays due to the total or 
partial stoppage of economic activities imposed 
by the authorities, which were almost entirely 
recovered in the final months of the year. The 
impact on the Group’s investments as a whole 
The main actions aimed at mitigating 
operational risks are focused on the 
maintenance of facilities, ensuring they 
are in proper working order, and the 
development of the transmission grid.

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BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
was approximately 5% of the initially planned 
investment volume. This 5% shortfall is expected 
to be made up in 2021.
From a financial perspective, throughout this 
period, the Group’s financial position has been 
robust, enabling it to confront these trying times 
through measures aimed at bolstering  
its liquidity.
The pandemic did not affect incomes from the 
Group’s regulated activities, which account for 
the bulk of the revenues. However, the satellite 
telecommunications business has been 
influenced by both the duration of the crisis and 
the evolution of the Latin American markets 
where it operates. This has led to a renegotiation 
of prices and cancellations of contracts and 
projects, which, together with the evolution of 
the US dollar and the Brazilian real, have had a 
negative impact on the Group’s satellite business 
revenues in 2020 of around 20 million euros. In 
this context, HISPASAT has undertaken a process 
of strategic reflection that has concluded with 
the approval of new strategic lines aimed at 
repositioning the Company. At the end of 2020, 
the Group performed an impairment test on the 
assets corresponding to the traditional satellite 
business, registering impairment provisions of 
122 million euros. For further information, please 
refer to the chapter entitled Our response to 
COVID-19 
 of this report. 
Monitoring and   
contingency plans 
As part of the process of identification, analysis, 
assessment and control of risks, the necessary 
actions are established to reduce the level of risk 
and take it to the acceptable risk value. 
For the monitoring of risks, the Risk Management 
System currently includes the monitoring of more 
than 500 action plans aimed at reducing the level 
of risk and more than 300 indicators to control  
its evolution.
The Risk Control Management Area, together with 
the risk management units, reviews the evolution 
and mitigating effect of the established action 
plans. This review is carried out annually, covering 
all risks on the corporate map and with a biannual 
periodicity for those risks of high level and others 
subject to special monitoring. Regarding the 
latter, this review is carried out in anticipation 
that changes in their situation could lead them 
to achieve the high-level risk assessment in the 
medium/long term. 
The Red Eléctrica Group also has an Internal 
Control Over Financial Reporting (ICFR) protocol, 
with the fundamental objective of obtaining 
improvements in the efficiency and security of 
the processes related to the Group’s financial 
reporting, proactively adopting the best 
international practices in this field. The ICFR 
specifically includes the information related to the 
In 2020, the Group 
continued to 
collaborate on the 
development of the 
risk management 
system for 
investment projects 
and in the risk 
management project 
for transmission  
grid assets.

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BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
tax processes of the Red Eléctrica Group, as well 
as the controls associated with them.
The Red Eléctrica Group also has contingency 
plans that regulate the various crises that  
could arise in the event of an electrical incident  
(to guarantee the security of supply) or a 
non-electrical incident that could impact and 
of the following: the environment; people; the 
Company’s operations; the availability of its 
systems; business results, or any other aspect 
with an impact on the Company and  
its reputation.
The Company has a Business Continuity Plan 
in order to prepare the necessary actions and 
plan those procedures that allow an adequate 
response to a disaster, crisis or emergency 
situation, from the moment it occurs until 
it returns back to normality. The Business 
Continuity Plan makes it possible to reduce the 
impact on the Company’s business activity to 
the least possible degree, as well as streamline 
and automate decision-making processes in 
disaster, crisis or emergency situations. 
In the Red Eléctrica Group, the pandemic risk 
is identified, assessed and managed mainly 
through the Business Continuity Plan. Thus, in 
2020, the situation declared as an emergency 
due to the COVID-19 pandemic activated the 
corresponding action protocol to, firstly, ensure 
the health and safety of the Group’s employees, 
and secondly, guarantee the continuity of the 
Company’s activity and the correct performance 
of its core functions. The COVID-19 crisis 
scenario made it necessary to carry out a 
review of the risk map in order to assess the 
extent to which the situation caused by the 
pandemic and the declaration of the state of 
emergency was affecting these risks or could 
affect them should the state of emergency be 
extended or even once the situation returned 
to normal. This analysis concluded that this 
new scenario, although it affected part of the 
risks identified in the map, did not significantly 
alter the assessment of their risk level after the 
implementation of the measures associated 
with the Business Continuity Plan.
In addition, the Risk Control area carries out 
actions with other Group units to develop risk 
management in line with the Comprehensive 
Risk Management System. During 2020, it has 
collaborated with the subsidiary REINTEL on the 
development of its own risk map, as well as with 
the subsidiary HISPASAT in the adaptation of its 
management methodology in order to adapt it to 
the Red Eléctrica Group Policy. 
The COVID-19 
pandemic 
activated the 
corresponding 
action protocol 
of the Company 
to, firstly, ensure 
the health 
and safety of 
the Group’s 
employees 
and, secondly, 
guarantee the 
continuity of 
the Company’s 
activity.

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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Main risks of the Red Eléctrica   
Group at present  102-15 / 102-29
POTENTIAL IMPACT
MAIN ACTIONS FOR THE MANAGEMENT OF RISKS
RISK
 
DESCRIPTION
Changes in electricity 
system regulation 
 
Regulatory risks of the 
business abroad 
Other regulatory risks 
 
 
 
 
 
Circumstantial risks 
 
Technological risks
Decrease in the remuneration 
of the regulated business, 
which accounts for most of the 
Group’s revenues. 
 
 
 
 
Increased costs due 
to increased tax and 
environmental requirements.  
Operational costs associated 
with the increase in regulatory 
requirements. 
 
Unfavourable impacts derived 
from the situation of the 
country where the activity is 
carried out.
Loss of opportunities 
associated with the energy and 
telecommunications transition.
• Regulatory changes occurring that could have 
a negative impact on the activities related 
to transmission and system operation and 
telecommunications activities.
• Regulatory changes that could negatively affect 
subsidiaries abroad. 
• Tax risks.
• Changes in environmental regulation. 
 
 
 
 
• Risks related to the set of elements (economic, 
political and social) that affect the situation of a 
specific country or geographical area. 
• Risks associated with not staying abreast of 
technological advances.
• Dialogue with the Regulator.
• Presentation of proposals to the Regulator.
• Active presence in national and international organisations to defend  
the Group’s stance.
• Maintaining good relations with entities and organisations where  
the foreign subsidiaries are located.
• Monitoring of regulation.
• Adherence to the Code of Good Tax Practices.
• Establishing 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. 
 
• Country risk analysis.
• Monitoring of the economic, political and social evolution of the country. 
 
• Consolidation of RETIT, a startup company of the Group responsible  
for promoting technological innovation.
• Launching of the Elewit commercial brand to promote the presence of 
RETIT in the innovation ecosystem.
• Deployment of venture client programmes, the corporate venture capital 
(CVC), the technology labs or the creation of a global innovation hub 
(GIH).
• Technological monitoring.
• Management of the portfolio of Innovation Projects.
• Grid2030 Programme.
Strategic risks   
Framework Regulatory
Business
Continued on next page >>
Main risks of the Red Eléctrica Group at present

111
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
POTENTIAL IMPACT
MAIN ACTIONS FOR THE MANAGEMENT OF RISKS
RISK
 
DESCRIPTION
Risks of non-compliance 
with best practices in 
sustainability and good 
governance
Risks associated with  
the investment plan 
 
 
 
 
 
 
 
Risks related to power 
outages and the evacuation 
of generation
Loss of the Group’s reputation, 
of socially responsible 
investment and of the 
percentage of votes in favour 
of resolutions submitted to the 
General Shareholders’ Meeting 
for approval.
Financial loss due to delays in 
incorporating assets into the 
remuneration model.
 
 
 
 
 
 
 
Supply interruptions and 
possible sanctions arising from 
claims regarding the service.
• Risks associated with not adopting the best practices 
in sustainability, good governance and transparency, 
which entail a deterioration in the perception of the 
Company by the stakeholders.
• Difficulties in the permitting process for electricity 
infrastructure.
• Risks associated with social opposition to 
infrastructure. 
• Risks associated with the execution of investment 
projects for new electricity transmission infrastructure 
and of telecommunications that entail deviations in 
cost and/or deadlines.
 
• Risk of a breakdown/fault occurring in the facilities 
that may significantly impact the electricity system, 
causing power outages on the Spanish Peninsula or 
on the islands.
• Corporate Responsibility and Corporate Governance Policies.
• Implementation of the 2030 Sustainability Commitment and the 2030  
Goals aligned with SDGs.
• Sustainability Committee of the Board and the Executive Sustainability 
Committee.
• Status of non-financial information and the Sustainability and  
Corporate Governance reports.
• Participation in the assessments linked to the main sustainability  
indexes.
• Corporate Responsibility Management System certified according to SR10.
• Stakeholder Management Model.
• Approval of communication criteria with shareholders, institutional 
investors and proxy advisors.
• Strengthening ties with the communities in the territories where the 
facilities are located.
• Institutional collaboration agreements.
• Monitoring of the Investment Plan and Transmission Grid Planning.
• Monitoring of the associated budget.
• Inspection of construction works.
• Development of the risk management model for investment projects.
• INTEGRA project, to facilitate the adequate planning for the supply  
of services and material needs.
	
• 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 respond to the Electricity Infrastructure Planning approved  
by the Government.
• Contracting insurance policies to cover possible damages that can  
be derived from an incident.
Strategic risks / continued
Operational risks 
Sustainability and 
good governance
Assets in 
service
Assets  
planned and/or 
in progress
Continued on next page >>
Main risks of the Red Eléctrica Group at present

112
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Risks related to power  
outages and the evacuation  
of generation  / continued 
 
Risks associated with  
the operation of  
the electricity system 
 
 
 
 
Risks associated with  
the provision of 
telecommunications services
Risks that may affect  
the security of the facilities 
 
 
 
 
 
Risks of impacts on  
the environment
 
 
 
 
Potential non-availability 
or reductions in the normal 
operation of facilities. Increase 
in claims due to supply 
interruptions. 
 
 
Service interruptions and 
possible sanctions due to 
claims.
Damage to facilities and 
possible effects of this on 
the availability of the service 
provided. 
 
 
 
Damage to the environment 
with relevant consequences 
that could involve sanctions, 
in addition to the costs 
associated with repairing the 
impacts caused by the event. 
Reputational loss of the Group.
 
 
 
 
• Human errors in the coordination or configuration of 
equipment.
• Malfunction of telecommunications. 
• Failure of computer systems that support the activity. 
 
 
 
• Faults/breakdowns in the facilities that may lead to 
incidence in the provision of telecommunications 
services.
• Impact on security in facilities (substations, control 
centres, buildings, etc.) such as vandalism, sabotage, 
theft, terrorism, etc. 
 
 
 
 
• Impact on flora.
• Impact on fauna, especially birdlife.
• Contamination of soil and water.
• Impact on archaeological heritage. 
• Risk of fires.
• Contingency plans.
• MANINT project, to optimise the management and maintenance  
of transmission grid assets.
• Risk assessment model associated with transmission grid assets.
• Specific actions for strengthening the transmission grid.
• Power service restoration plans.
• Plan for the renovation and improvement of facilities.
• Improvement of the telecommunications systems.
• Implementation of security mechanisms in the IT systems used.
• Ongoing training of system operators.
• Contingency plans.
• Ongoing monitoring of the functioning of the system.
• Analysis and strengthening of infrastructure. 
• Security systems in facilities.
• Permanent monitoring of facilities.
• Contact with the Spanish Civil Guard and National Police.
• Comprehensive Corporate Security Management Model.
• Consultation and collaboration with the CNPIC (National Centre for Critical 
Infrastructure Protection).
• Operator Security Plan (OSP) and Specific Protection Plans (SPP).
• Application of strict environmental criteria in all phases of planning, 
construction 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.
Operational risks / continued
Continued on next page >>
Main risks of the Red Eléctrica Group at present 
Assets in 
service
POTENTIAL IMPACT
MAIN ACTIONS FOR THE MANAGEMENT OF RISKS
RISK
 
DESCRIPTION

113
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Continued on next page >>
Risks of impacts on  
the environment   
/ continued 
 
 
Risks related  
to cybersecurity 
 
 
 
 
 
 
 
 
 
 
Risks related  
to people
 
 
 
 
 
Impacts on the normal 
operation of equipment and 
services as well as reputational 
loss depending on the extent of 
the impact of the incident. 
 
 
 
 
 
 
 
Reputational and financial 
loss to the Group arising from 
possible claims.
 
 
 
 
 
• Risks associated with the non-availability of systems.
• Risks associated with unauthorised access  
to specific IT applications. 
 
 
 
 
 
 
 
 
 
• Risks derived from workforce ageing. 
• Accident rate.
• Adaptation of the occupational health and safety  
risk prevention system.
• Implementation of Environmental Work Certification.
• Establishment of collaboration agreements in the field of environmental 
protection with the various Autonomous Communities.
• Fire protection plans.
• Contingency plans.
• Environmental Management System certified in accordance with ISO14001.
• Firewalls 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.
• Comprehensive Corporate Security Management Model.
• Consultation and collaboration with the CNPIC (National Centre  
for Critical Infrastructure Protection).
• Development of the Operator Security Plan (OSP) and Specific  
Protection Plans (SPP).
• Contingency plan in the event of cyber incidents.
• Professional development plans.
• Contracting of young employees with potential.
• Comprehensive age management model.
• Cultural transformation project: Imagina
• Maintenance and improvement of the structured prevention system  
in accordance with the ISO 45001 Standard.
• EFR 1000 certifications.
• Application of the personnel performance appraisal system.
• Technical procedures for the organisation of security.
• General procedure for managing accidents and events.
• Prevention Task Force of the Group.
Operational risks / continued
People and 
organisation
IT/Information 
systems
Main risks of the Red Eléctrica Group at present 
Assets in 
service
POTENTIAL IMPACT
MAIN ACTIONS FOR THE MANAGEMENT OF RISKS
RISK
 
DESCRIPTION

114
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Continued on next page >>
Compliance risks 
 
 
 
 
 
 
 
 
 
 
Risk of increased costs 
of equipment and raw 
materials 
 
Risks associated with 
variations in market 
conditions
Reputational and financial loss 
for the Group as a result of 
possible sanctions.
Increased cost of the activity 
and impact on the profitability 
of certain investment projects. 
 
Financial impacts derived from 
market fluctuations affecting 
both debt and investment.
• Non-compliance with legislation, internal regulations 
and commitments assumed by the Group. 
• Corruption and fraud.
• Risks associated with the increase in the price of 
equipment and raw materials.
• Risk associated with variations in interest rates 
and credit margins or inflation that may affect the 
Company’s results. 
• Possible negative effects of an unfavourable change in 
currency exchange rates.
• Code of Ethics and Professional Conduct of the Red Eléctrica Group,  
Ethics Manager and the Compliance and whistle-blowing channel  
(enquiries and grievances).
• Criminal Prevention and Anti-bribery Management System certified 
according to UNE 19601 and ISO 37001 Standards
• Internal audits.
• Implementation of the Compliance System encompassing 16  
regulatory areas.
• Committee on Criminal Prevention.
• Compliance Unit and control and supervision bodies (criminal prevention 
and data protection).
• Development of a due diligence model regarding counter-party compliance.
• Training and an awareness-raising plan regarding ethics and compliance.
• Promoting competitiveness in the supply chain. 
• Increase normalisation and standardisation.
• Drafting of turnkey contracts.
• Guaranteeing the price of raw materials and/or the €/$ exchange rate in 
large projects.
• Periodic reviews of interest rates and their impact on financial accounts.
• Maintenance of percentages in the fixed / variable financial structure.
• Monitoring possible actions that would imply a downgrading revision  
of the ratings from credit-rating agencies.
• Development of financial risk policy and instruments for its  
management and control.
• Establishment of new financing mechanisms that allow access to  
markets in an agile and efficient manner.
• Establishment of hedging mechanisms for transactions carried out in 
currencies other than the euro.
• Development of financial risk policy and instruments for its  
management and control.
• Design of an international financing scheme.
Operational risks / continued
Compliance
Market and solvency
Main risks of the Red Eléctrica Group at present 
Financial risks
POTENTIAL IMPACT
MAIN ACTIONS FOR THE MANAGEMENT OF RISKS
RISK
 
DESCRIPTION

115
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Non-compliance  
by third parties 
 
 
 
 
 
Inadequate coverage  
in the event of an accident
Impact on the normal 
functioning of the activity. 
Financial loss due to price 
renegotiations and contract 
cancellations.  
 
 
Increase in costs.
• Risk associated with non-compliance  
by third parties of the payment obligations 
established.
• Risk associated with dependence on suppliers  
and providers.
• Incidence in accounts receivables regarding 
agreements signed with clients regarding 
telecommunications services.
• Insufficient coverage when faced with a significant 
increase in claims. 
• Loss of solvency of the reinsurance company.
• Monitoring of the quality of the service provided.
• Monitoring of the client portfolio.
• Request for bank guarantees and financial considerations  
to grant the credit facilities requested by customers.
• Development of contracting strategies for key services  
by the procurement department. 
 
• Provision of supplies.
• Continuous monitoring of the number of claims.
• Risk reinsurance.
Financial risks / continued
Counterparty
Insurance
Main risks of the Red Eléctrica Group at present 
The current risk management system considers the monitoring  
of more than 500 action plans aimed at reducing the level of risk and 
more than 300 indicators to control their evolution.
POTENTIAL IMPACT
MAIN ACTIONS FOR THE MANAGEMENT OF RISKS
RISK
 
DESCRIPTION

116
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Emerging risks: risks associated  
with climate change / 201-2
Since the approval of its commitment to combat 
climate change in 2011, the Red Eléctrica 
Group has expressed the need to address 
issues related to adaptation to climate change. 
Therefore, the Company works with the aim of 
being able to face both the physical changes 
associated with modifications in climate 
parameters (physical risks), as well as other 
changes associated with the fight against 
climate change (transition risks). 
The latter, due to the function of Red Eléctrica 
de España as a transmission and system 
operator of the Spanish electricity system, are 
especially relevant to the organisation, as the 
regulatory and technological changes necessary 
for the energy transition (required to achieve the 
climate objectives) pose a series of challenges 
and uncertainties with a potential impact on the 
Company’s business. 
In order to improve the management of risks 
associated with climate change, in 2018 the  
Red Eléctrica Group began to work on applying  
the recommendations of the Task Force on 
Climate-related Financial Disclosures (TCFD). 
In 2019, a review of the established governance 
model was carried out and a new methodology  
was developed for its identification, prioritisation 
and financial quantification.  
As a result of the application of this methodology, 
a total of 45 potential risks were identified and 
assessed taking into account the criteria of 
exposure, sensitivity and capacity to adapt. It 
should be noted that the process takes into 
account both economic variables and other 
business indicators. In addition, as included in 
the TCFD recommendations, different scenarios, 
different for physical and transition risks, have 
been considered. 
Thus, the Company has defined and prioritised 
the most relevant risks for its business and has 
proceeded to monetise those for which a potential 
financial impact has been identified (not all 
priority risks for the Red Eléctrica Group, given 
the condition of its regulated activity, necessarily 
imply a financial impact for the organisation). 
Physical risks 
The projections developed by the State Meteorological 
Agency (AEMET) for the most important scenarios of the 
AR52 (1) of the Intergovernmental Panel on Climate Change 
(IPCC) have been considered (CPR 4.5 and CPR 8.5).
Horizon: 2030-2050-2070
Transition risks 
The trend scenario and the target scenario included in the 
proposed Integrated National Energy and Climate Plan 
sent to the European Commission have been considered.
Horizon: 2020-2030
Scenarios  
and horizons 
considered for the 
assessment of 
climate risks
 
(1) IPCC Fifth Assessment Report (2014) drawn up by scientists from 
various countries. RCP 4.5 is a target scenario and RCP 8.5 is a trend 
scenario contemplating greater changes in climate parameters.

117
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
MITIGATING  
ACTIONS
RELEVANT RISKS ASSOCIATED  
WITH CLIMATE CHANGE
POTENTIAL IMPACT ON  
THE BUSINESS
• Impact on outdoor facilities (electricity lines) due  
to extreme events (wind).(1)
• Fires beneath the lines and in the vicinity of  
electricity substations.(1)
• Corrosion of infrastructure.(2)
• Claims/grievances due to limitations to renewable 
production and incidents that may impact the security 
of supply in the Canary Islands, associated to the 
noteworthy increase in the share of renewables in 
the energy mix foreseen in the coming years. (it is 
foreseen that it will increase from 17% to over 50% in 
the 2030 horizon.(1)
• Loss of staple generation sources associated with 
the closure of coal-fired, combined cycle and nuclear 
power stations.(3) 
• Difficulties in commissioning the infrastructure needed 
for the energy transition (mainly linked to the social 
opposition to this type of infrastructure and the long 
periods of time needed to process the permits required 
for its development). This same risk is identified and 
analysed specifically in the case of international 
interconnections.(1) 
• Risks associated with the regulatory framework 
established for the construction and management of 
energy storage facilities in non-peninsular systems.(4)
• Remuneration framework associated with adapting  
the grid infrastructure to the needs arising from  
climate change.(4)
 
• MANINT project, to optimise the management of transmission grid assets.
• Projects for the improvement and strengthening of transmission grid facilities.
• Tree-felling and pruning works (forestry) plans. VEGETA project.
• Innovation. PRODINT Project.
• Contingency plans.
• Insurance policies.
• Development of system operation tools and the safe integration of renewables (Control Centre of 
Renewable Energies, CECRE). Adaptation to more demanding monitoring and control requirements.
• Development of prediction models regarding renewable generation.
• Construction of new transmission lines to evacuate renewable energy.
• Strengthening of international interconnections.
• Promotion of demand-side management initiatives and smart grids, including the Control 
Centre for the Electric Vehicle (CECOVEL).
• Development of large-scale energy storage projects (Chira-Soria pumped-storage hydroelectric 
power station) and energy storage batteries in non-peninsular territories and in networks at an 
end-user level (innovation projects).
• Insurance policies.
• Feasibility study regarding the infrastructure proposed for the transmission grid  
planning process.
• Stakeholder management model related to transmission grid investment projects.
• Development of public participation processes.
• INTEGRA project, to facilitate the adequate planning for the supply of services and  
material needs. 
 
• Dialogue with the regulator.
• Monitoring and participation in regulatory development processes.
• Damage to infrastructure.
• Increase in maintenance cost.
• Impact on the electricity supply.
• Reputational impacts (associated with  
power outages).
• Impacts on third parties or the environment  
(in the case of fire). 
• Increased difficulty in system operation 
(volatility of production, lack of monitoring...).
• Increased risk of incidents in system operation 
that may affect the supply.
• Increased production constraints and 
restrictions.
• Increase in the number of claims/grievances.
• Impact of reputation. 
• Economic impact due to delays in incorporating 
the assets into the remuneration model, or total 
loss of remuneration due to not being able to put 
them into service.
• Increase in the number of claims/grievances.
• Effect on the Company’s reputation (in the case 
of delays in the development of infrastructure 
required for the National Energy and Climate Plan).
• Economic loss associated with an unfavourable 
regulatory framework.
• Costs associated with adapting infrastructure  
to the physical conditions resulting from  
climate change.
Physical risks
Continued on the next page >>
Transition risks

118
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The management of climate-related risks is 
integrated into the Company’s risk management 
system, which is why the established governance 
model applies to these types of risks. 
Nonetheless, in addition to being supervised 
by the Audit Committee, as befits its oversight 
function regarding the comprehensive risk 
control system, climate risks are escalated to the 
Sustainability Committee. Among the functions 
of this Committee is that of reviewing corporate 
responsibility and climate change policies, which 
must facilitate the integration of the results of 
the analysis of risks and opportunities arising 
from climate change into the Group’s decision-
making process.
The process of assessing climate-related risks is 
carried out annually and, in accordance with the 
Comprehensive Risk Control System, the most 
relevant risks are reviewed every six months.
Relevant climate-related risks with an impact 
over a one-year time horizon have been included 
in the corporate risk map.
It should be noted that, in the case of climate-
related risks, the Internal Audit and Risk 
Control Area and the Corporate Sustainability 
Area share the functions of the following: 
supporting the organisational units in the 
identification, assessment and management 
of risks; monitoring the level of risks and their 
evolution and informing the bodies responsible 
for its control and the units responsible for their 
management. 
 
MITIGATING  
ACTIONS
RELEVANT RISKS ASSOCIATED  
WITH CLIMATE CHANGE
POTENTIAL IMPACT ON  
THE BUSINESS
• Increased legal requirements associated 
with the use of fluorinated gases (SF₆).(1)
• Voluntary agreement for the comprehensive management of SF₆ in the electricity 
industry, between the Ministry of Ecological Transition, equipment manufacturers 
(AFBEL), UNESA, REE and waste management companies.
• Development of leak repair methodology.
• Renewal of equipment.
• Training and accreditation of personnel.
• R&D in the search for alternatives to SF₆ gas.
• Participation in working groups.
• Monitoring and participation in regulatory development processes.
• Increased costs associated with taxes related to 
the use of SF₆ gas.
• Operational costs associated with increased 
requirements related to the monitoring and 
controlling of SF₆ leaks.
• Technical difficulties and costs associated with 
potential restrictions regarding the use of SF₆ gas.
Physical risks
(1) Monetised risks. The annual financial impact for each of the risks is less than 2% of the Group’s results. (The 
calculation of the impact takes into account the result of the mitigation measures implemented. For example, 
in the case of physical risks, the financial impact is significantly reduced thanks to insurance policies).
(2) Incorporated as a result of the assessment review carried out in 2020. It will be monetised during 2021. 
(3) No financial risk for the organisation.
(4) The financial impact of these risks is integrated into other risks.
Note: As a result of the risk assessment and quantification review conducted in 2020, the risk ‘Difficulties in 
monitoring and controlling a system with a greater penetration of renewable energy, whose production is highly 
volatile’, which was reported in the 2019 Sustainability Report, has changed prioritisation and is no longer part of 
the relevant risks.

119
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
5.3
Comprehensive 
Corporate 
Security
Key indicators  
in 2020 
• 42,1% employee  
training.
• 40% implementation 
of the Governance and 
Management of the 
Corporate Security  
Model for companies  
of the Group.
2020 milestones
• Implementation  
of the Risk Management 
Model in the Supply  
Chain.
• Launch of the new  
awareness-raising  
campaign.
• Training of employees in 
corporate security for those 
profiles that require it.
Challenges  
for 2021
• Increase the maturity 
of the Governance and 
Management of the 
Corporate Security 
Model for all the  
companies of the 
Group.

120
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Comprehensive Corporate 
Security Management Model 
The governance, management and operation  
model of the Red Eléctrica Group, approved in 
2017, is based on good practices and reference 
standards in this field. The model encompasses 
the 11 key areas where the organisation must 
Comprehensive corporate security, aligned with 
the business strategy, is shared by all the people 
that form the Red Eléctrica Group and is part of its 
corporate culture. To this end, the Company has a 
Strategic and Tactical Security Action Plan, as well 
as an organisational and relational model regarding 
comprehensive corporate security for the entire Group.
The Red Eléctrica Group is committed to 
implementing comprehensive security of a corporate 
nature and common to the entire Company, which 
includes the protection of critical infrastructure and 
the safety of people and information assets.
This way of conceiving corporate security in a broad 
and interdisciplinary way allows us to respond to 
physical and cyber threats in a global and joint 
manner, and enables the Company to respond to a 
new scenario defined by:
∫ New regulatory developments (adaptation to the 
legislation regarding the security and protection  
of critical infrastructure).
∫ Alliances with the National Centre for the 
Protection of Critical Infrastructures (CNPIC) and 
the National Institute of Cyber security (INCIBE).
∫ New services (security based on analysis and 
control of risk). 
∫ New trends derived from the implementation 
of new technologies.
The purpose of the Red Eléctrica Group in terms 
of comprehensive corporate security is to protect 
the Company from the possible materialisation 
of threats and risks that may endanger not only 
its human resources and assets, but also the 
continuity of the services provided and the viability 
of the business.
Automated and dynamic handling of security risk.
Draft, implement and monitor the security plan, as well as establish collaboration  
and cooperation mechanisms.
Asset management in accordance with security guidelines during the asset’s  
life cycle.
Definition and implementation of a secure information management model. 
Establish the necessary control mechanisms associated with the services provided  
by the supply chain.
Implementation of a security structure and improving the level of security awareness  
among staff.
Increase resilience when faced with adverse situations or undesired events. 
Definition and implementation of a management model for the control of threats  
and vulnerabilities of assets, including intelligence services.
Establish mechanisms to control access to the assets of the organisation and identity 
management.
Definition and implementation of a regulatory framework for comprehensive corporate security, 
as well as compliance with national and international regulation regarding security matters.
Monitoring and reporting of the security status of the Red Eléctrica Group.
Risk management
Security plan 
Assets, changes and 
configuration
Exchanges  
of information
External  
dependencies
Personnel involved  
in security
Incidents and continuity 
of operation
Threats and 
vulnerabilities
Identity management  
and Access control
Regulatory compliance 
Situational awareness
Key areas of the Comprehensive Corporate Security Management Model

121
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Comprehensive Corporate 
Security Action Plan
For the implementation of the management model, 
the Red Eléctrica Group has in place a Comprehensive 
Corporate Security Action Plan. This roadmap has 
been designed from a high-level analysis, which from 
an internal and external perspective, has enabled  
the current state of the Company in this aspect 
to be known and to increase the maturity of the 
capabilities associated with the model.
The overall objectives of the Comprehensive 
Corporate Security Action Plan are based on the 
protection of people, the continuity of the service,  
the viability of the business and the protection  
of assets, viewed from four perspectives: security, 
clients, processes and knowledge.
accordance with the business objectives and 
strategies.
∫ Comprehensive corporate security management. 
The tier responsible for defining the 
Comprehensive Corporate Security Plan that 
must meet the requirements defined by the 
security governance, as well as managing the 
functions and security processes that derive 
from said plan.
∫ Comprehensive corporate security operations. 
The tier responsible for the execution of 
comprehensive corporate security processes 
related to infrastructure, always working 
within the guidelines and limits set by security 
management.
have the ability to respond effectively in order to 
maximise its resilience in adverse situations.
These key areas, following what is also  
specified by international standards such as 
COBIT (Control Objectives for Information and 
related Technology), ISO 27014 (Information 
Security Governance) or ISO 38500 (Governance 
of Information Technology), are managed through 
a three-tier structure:
∫ Comprehensive corporate security governance. 
The tier responsible for defining the strategic 
objectives in terms of comprehensive security, 
fundamentally through a Comprehensive 
Corporate Security Strategic Plan, and for 
monitoring its correct implementation in 
The overall objectives of the Comprehensive 
Corporate Security Action Plan are based on the 
protection of people, the continuity of the service, 
the viability of the business and the protection 
of assets, seen from four perspectives: Security, 
clients, processes and knowledge.

122
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Comprehensive Corporate Security Action Plan: Axes of action
1
STRATEGY
6
RISK AND  
PRIORITISATION
2
PEOPLE
5
ANTICIPATION
3
RESILIENCE
4
PROACTIVE  
RESPONSIBILITY
Comprehensive  
Corporate  
Security
Continuous alignment of the 
comprehensive corporate security 
function with the strategic objectives  
of the Red Eléctrica Group
Adaptation of the structure of the Department  
of Corporate Security to the strategic needs raised 
by the Group and establishment of the related 
framework and the Comprehensive Dashboard that 
allows the achievement of the same to be monitored.
• Comprehensive corporate security plan
• Situational awareness
Identification and governance of the 
comprehensive identity within the Red 
Eléctrica Group
Definition of comprehensive identity management  
within the Red Eléctrica Group, adapting the provision  
of resources and training for employees and 
collaborators based on this.
• Personnel involved in security and training 
• Comprehensive Identity and access management
Business continuity management and 
integration of the response to incidents
Implementation of business continuity capabilities 
that include, in addition to identification, the 
continuous testing of the suitability of the 
mechanisms and the definition of tools and 
procedures to allow a global and harmonised 
response to security incidents.
• Incidents and continuity of the  
operations
Management, monitoring and control  
of the risk of external dependencies and 
suppliers
Application of the security policies of the Red Eléctrica 
Group to its suppliers, establishing a control model  
for their compliance.
• Assets, changes and configuration
• External dependencies
• Compliance and regulations
Improvement and integration of prevention 
and monitoring capabilities
Definition of comprehensive identity within the  
Red Eléctrica Group, adapting the provision of resources 
and training for employees and collaborators based  
on this.
• Threats and vulnerabilities
Governance and comprehensive management 
of the overall risk
Implementation of a governance and risk  
management function based on global procedures, the 
provision of a unified asset repository and a benchmark 
security architecture and harmonised framework of 
controls.
• Risk management
• Exchange of information
1
4
2
5
3
6

123
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Comprehensive Risk Management
The Company carries out a process to enhance 
and update its risk management methodology 
in order to broaden the Red Eléctrica Group’s 
vision of risk and to guarantee compliance with 
current legislation as a designated operator of 
critical infrastructures and essential services, 
in addition to managing electricity transmission 
grids and telecommunications networks, including 
the need to extend cyber security to industrial 
environments and increasing the Group’s 
resilience.
The main objective of this initiative is to provide 
the Red Eléctrica Group with a risk management 
capacity tailored to the characteristics and needs 
of the Group and its business, thus becoming 
a benchmark company in terms of corporate 
security matters within the energy sector.
Comprehensive security 
management model in the 
supply chain
This year, as part of its commitment to the 
responsible management of its suppliers,  
the Company has worked on the development  
of a Comprehensive Security Management  
Model in the Supply Chain.
The project aims to ensure that the products  
and services provided to the Red Eléctrica Group 
meet optimum security levels,  
Current risk management methodology
Identification  
of Threats 
Monitor-and-
review  
procedures
Calculation  
of Inherent  
Risk
Risk 
treatment
Calculation  
of Residual risk
Identification  
of Assets
1
2
6
3
5
4

124
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
∫ Manage the security aspects of contracts  
with suppliers, from the tendering phase  
to its termination.
∫ Control and reduce the risk associated with  
the products and services contracted.
∫ Evaluate and periodically review the security 
protocols related to products and services 
provided by suppliers.
in line with business expectations and  
minimising the cost. In this way, supplier  
security management allows the following:
∫ Maintain an updated supplier security control 
framework and a management tool to automate 
the process.
Benefits of an adequate comprehensive security management  
in the supply chain for the Red Eléctrica Group
SAFEGUARD 
an optimal  
level of  
security
IMPROVEMENT
in the quality  
of products  
and services
STREAMLINE 
relationships  
with  
suppliers
REDUCE  
the risk level  
of the  
organization
PREPARE 
for incidents  
or disasters
REDUCTION 
in costs

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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Training, sensitivity 
and awareness-raising plan
According to PwC’s ‘Global State of Information 
Security Survey 2018’, based on interviews  
with executives, approximately 27% of cyber 
security incidents occurring in companies 
originate from actions carried out by  
employees. This data, together with the 
momentum of the digital transformation that  
the Group is undergoing, calls for the development 
of a training plan for employees with the aim of 
reducing risks caused by its own staff and those 
outside the group.
An updated comprehensive 
corporate security campaign  
was launched in 2020, with  
a new set of comprehensive 
security guidelines together 
with regularly updated 
publications available via internal 
communication channels.

126
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Training, sensitivity  
and awareness-raising plan 
CREATION OF A 
SECURITY CULTURE
Encourage the secure and 
safe use of information.
Provide the necessary 
concepts to protect the 
Group.
Onboard employees  
on the Group’s 
comprehensive  
corporate security 
systems.
SECURITY-ORIENTED 
EMPLOYEE
Protect the integrity  
of each employee.
Protect the information 
that each employee uses 
and/or handles.
Protect the assets of the 
Red Eléctrica Group.
Conduct talks to  
families of employees  
to raise awareness  
on security.
INCREASED 
KNOWLEDGE
Be aware of the 
consequences  
of possible security 
incidents.
Know how to act  
in emergency  
situations.
RISK  
MITIGATION
Mitigate  
the possible  
effects of security  
risks.
E
M
P
L
O
Y
E
E
S
E
C
U
RI
T
Y
-
O
R
IE
N
T
E
D
R
IS
K 
M
IT
I
G
A
TI
O
N
C
U
LT
U
R
E
C
R
E
AT
IO
N
 O
F 
A 
S
E
C
U
RI
T
Y
I
N
C
R
E
A
S
E
D 
K
N
O
W
L
E
D
G
E 
O
B
J
E
C
T
I
V
E
S
During 2020, the Red Eléctrica Group 
implemented online training plans for employees 
with critical duties and responsibilities.
In addition, work is continuously being  
carried out on the awareness plan. An updated 
comprehensive corporate security campaign 
was launched in 2020, with a new set of 
comprehensive security guidelines together  
with regularly updated publications available  
via internal communication channels.

127
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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5.4
Transformation: 
Culture, Digital and 
Technological Innovation
Key indicators  
in 2020
• 98% of the management 
team evaluated through the 
360o feedback process.
• Implementation of Office 
365 and the digital signature 
service in 100% of the Red 
Eléctrica Group.
• 16.91 million euros 
investment and 124 
innovation and technological 
development projects.
• 2 Venture Client 
programmes encompassing 
12 start-ups.
2020 milestones
• Implementation of the 
New Transformational 
Leadership Model.
• Deployment of the  
Group’s data governance 
function and roll out  
of the corporate data  
lake.
• First Venture Client  
programme and launch  
of a second programme.
• Roll-out plan for the 
global commercialisation 
of the SAGA asset  
management tool.
Challenges for 2021
• Consolidate the culture of  
target-based management and  
360º feedback process. 
• Enhance process efficiency through 
the Smart Automation Service.
• Balance the technological maturity 
and focus of the innovation project 
portfolio, maximising the adoption  
of solutions by the Group’s  
businesses.
• Maximise the value of investments  
in technology-based investment funds 
and in the capital of technology star-
tups by streamlining and expediting 
the uptake of new technologies.
Awards  
and recognition
• 2020 Cegos Award with 
E&T for the best practices, 
in the Strategy and trans-
formation category,  
for the Company’s  
‘ImpúlsaTE’ project.

128
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
REtaTe Project
The main transformation project carried out  
during 2020 and which will be continued in 
subsequent years is REtaTe, the purpose of 
which is to respond to the challenges set out in 
the Strategic Plan, taking into account the new 
business context.
making with a global and comprehensive  
vision, and contribute to the effectiveness  
and efficiency of the organisation’s processes,  
as well as to the achievement of the Group’s 
strategic objectives.
It is, therefore, a unique transformation journey 
mapped out on three fully interrelated axes: 
culture, digital and technological innovation and 
whose deployment implies the definition of 48 
initiatives included in six cross-cutting courses  
of action.
The Red Eléctrica Group conceives 
transformation as the way to achieve greater 
efficiency, generate value for the organisation 
and for society, and start up new businesses, 
maintaining itself as a profitable and sustainable 
company.
The Transformation Strategy of the Red Eléctrica 
Group, aligned with the Group’s Strategic Plan,  
has the mission of promoting transformation 
through policies and systems for managing 
people, technological innovation and the provision 
of IT information services, to facilitate decision 
• Enabling the energy transition and the development of telecommunications.
• Preparing for the transformation of the Group.
• Making the Group’s processes more efficient.
• Moving towards a data-centric organisation.
• Ensuring the security of infrastructures, systems and people.
• Opening paths to new business.
COURSES 
OF ACTION
AXES
The transformation strategy of the  
Red Eléctrica Group
Culture
Digital
Technological innovation

129
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ELÉCTRICA GROUP 
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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The Imagineers are a total of 164 people who 
represent all the employees of the Red Eléctrica 
Group and are in charge of transmitting the 
progress of the Imagina project to them, thus 
encouraging them to participate in the different 
initiatives and therefore providing a channel 
for proposals or doubts to be submitted to the 
project team.
to achieve an organisation that is more resilient  
to change and capable of facing the challenges  
of the Strategic Plan.
The initiatives derived from this project that 
enable the adaptation of the Group’s human 
capital are worked on with a project team and 
a series of working groups that materialise the 
initiatives and share them with the Imagineers.
In order to achieve greater efficiency in the 
processes, as well as the incursion into new 
businesses, the project consists of the launching 
of initiatives aimed at re-engineering, intelligent 
automation, the sourcing model, disruptive 
innovation and the organisational model. Each  
of these initiatives will lead to the achievement  
of at least one of the following results: cost 
savings, time savings and new revenues.
Within this framework, 109 initiatives proposed  
by Group professionals were analysed through  
the ‘I have an idea’ channel set up for this purpose 
on the corporate intranet. Of these, 64 initiatives 
have been accepted and are currently underway, 
7 are still pending assessment, and 38 have been 
rejected (because the idea was already submitted 
and the initiative is already underway, they are 
not considered viable or do not provide clear 
efficiencies). It should be noted that managers 
have dedicated 30% of their objectives to the 
project, with a total of 195 REtaTe milestones.  
In addition, the Efficiency Plan, approved directly 
by the Group’s CEO, has automated eight 
processes in different areas, and new automated 
processes are planned for 2021.
Culture: Imagina project
Imagina is the cultural transformation project  
of the Red Eléctrica Group, through which  
an innovative, agile and collaborative culture  
is developed through self-leadership in order 
Transformational leadership
During 2020, a leadership model has been defined that 
embodies what is expected of a leader in the Group in 
terms of principles, values and professional conduct, 
creating a particular behavioural framework that is 
understandable and specific on which the organisation as 
a whole can reflect on to evolve towards the leadership 
profile that the Company needs at this time.
Results in 2020
• 2 dissemination sessions on the model were held.
• 98% of the management team has been evaluated 
through the 360° feedback process based on the 
expected behaviours set out in the new model.
• 98% of the management team has held interviews with 
external consultants to interpret the results and detect 
areas for improvement.
• 100% of the management team has built a personal 
development plan for improvement.
Digital mailroom
Within this scope, noteworthy in 2020 was the 
implementation of the digital mailroom. This is the 
response to the technological and legal demand regarding 
communication with the Public Administrations. The 
project establishes digital communication in a centralised 
manner, providing security, traceability and agility.  
The digital mailroom is the reception centre for physical 
correspondence, parcels and electronic notifications, the 
information registration centre and the dispatch centre, 
always prioritising the digital distribution of information.
Results in 2020
• Monitoring of correspondence from more than  
5,600 Public Administration offices via the digital 
mailroom.
• Renewal of the printer fleet and a 56% reduction  
of printers.
• 620 m² of file storage areas emptied and transformed 
into spaces for common use.
Cultural transformation initiatives in 2020
Continued on next page >>

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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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Cultural transformation initiatives in 2020 / continued
ImpúlsaTE
This project places the employee at the centre with the aim  
of encouraging the self-management and self-development  
of people. During 2020, the focus has been placed on three areas:
• Reinforcement and consolidation of the results-oriented  
and feedback approach by launching the ‘Oktoverfest feedback’ 
initiative and a space open to the entire workforce called ‘Ask 
the expert’ that promotes cross-cutting communication of best 
practices among professionals through micro-videos available 
to all employees.
• Promotion of self-management of Red Eléctrica Group 
professionals with the launch of ‘My Profile’, a space where 
professionals can self-manage their personal information, 
employment information and remuneration information, and 
the ‘Frequently asked questions’ space where, proactively, 
answers are provided to the most frequently asked questions 
(FAQ) by professionals, associated with new processes in people 
management.
• Talent development, through the people self-development 
ecosystem, which includes resources such as discussion 
forums, online workshops, communities and webinars, among 
others, and actions to reward the contribution of the Group’s 
professionals by offering them personal development initiatives 
(experiential workshops, general workshops, internal mentoring), 
flexibility and visibility.
Results in 2020
• 3,325 challenges defined.
• 840 feedbacks sent.
• 196 Personal development plans.
Agile mindset
Agile is a methodology that determines the 
basis on which to work the organisational 
model of teams with a focus on efficiency 
and based on motivated high-performance 
teams, all working together with an iterative 
and incremental approach that facilitates 
continuous improvement.
Results in 2020
• Dissemination campaign available on the 
Virtual Campus.
• Implementation of an agile mindset in two 
corporate management areas of the Group 
with 4 pilot projects that seek to integrate 
agile methodologies and 41 people trained 
in agile techniques.
External flexibility
Professionals have the possibility of deciding where, when 
and how to work in order to contribute greater value to the 
Company, focused on a results-oriented model according 
to needs, in a responsible and coordinated way with  
their teams. Because of the situation experienced due  
to COVID-19, all necessary initiatives have been deployed 
to facilitate remote working.
Results in 2020
• 100% of staff working remotely during the lockdown 
period, except for those in critical positions.
Digital training
Empowering personnel in their self-development within 
an environment of transformation by making a set of 
resources available to all employees with the aim of 
providing support in order to improve productivity in their 
daily work through self-development systems that enable 
them to increase their knowledge, skills and the use of 
digital tools. Through the digital tools supplied by the 
Red Eléctrica Campus (the Be REDy App and the program 
Digitall), employees have the possibility of designing their 
own personalised training roadmap.
Results in 2020
• More than 1,000 participants in the training  
programme.
Office spaces that  
encourage new ways  
of working
Implementation of a defined spatial 
workplace distribution model, as a lever  
to promote new ways of working. The aim  
is to move towards a unique company that  
is more collaborative, innovative and agile.
Results in 2020
• 8,500 m2 of new repurposed working spaces 
following the philosophy encompassed 
within the Imagina project.
Continued on next page >>

131
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Impulsa Viajes
This project gives employees responsibility  
and autonomy in the management of their  
work-related travel, without requiring approval 
as long as the requested trip complies with the 
Group’s new travel and expense regulations. 
Impulsa Viajes contributes to digitalisation and 
new ways of working through the new web tool  
and mobile app. Thanks to the functionality  
of the app for the certification of expense 
receipts by the Tax Agency, this has contributed 
substantially to streamlining the multiple 
processes associated with travelling expenses.  
It also provides greater agility and convenience  
for travellers.
Results in 2020
• 100% of the tool implemented and deployed  
in the Spanish, Chilean and Peruvian regional 
offices.
Cultural 
transformation 
initiatives in 2020 
/ continued
100% of the 
management team has 
put together a personal 
development within  
the framework of the 
Group’s new leadership 
model.
Digital Transformation
Digital transformation is a process of change  
in operations, business models and ways  
of working, thanks to the rapid development  
of new digital technologies, which add value to the 
organisation and contributes to the achievement 
of the challenges that the Red Eléctrica Group 
will address in the coming years. The Strategic 
Plan itself emphasises the importance of digital 
transformation and cyber security, establishing 
them as one of its cross-cutting pillars.
The digital transformation axis seeks to facilitate 
the working practices for people, improve 
processes, making them more efficient, and 
to guarantee the value of the data while always 
ensuring cyber security measures.
The exceptional situation experienced in 2020 
due to the pandemic has posed a major challenge 
in terms of transformation, especially within 
the digital axes. All the actions implemented 
previously and those introduced since the 
start of the confinement have made it possible 
for practically all staff to work remotely, as 
well as to ensure the availability of all IT and 
communications systems (98.8%), including 
critical systems (100%), with a high level of 
efficiency.
More information on the digitalisation measures 
implemented during the pandemic is outlined  
in the Our response to COVID-19 
 section  
of this report.
In this regard, the implementation of ‘Office 
365’ in 2020, along with all its applications and 
functionalities, and the digital signature service

132
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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ANNEXES
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Information on the Group’s corporate security 
model is detailed in the section on Comprehensive 
Corporate Security 
 in this report.
To improve efficiency within the framework  
of the REtaTe project, we continued to analyse 
the Company’s processes from a digital 
transformation perspective, especially those that 
are major consumers of resources, to minimise 
costs, reduce times and identify areas for 
improvement. This analysis has been carried 
out by the Intelligent Automation Service, which 
If the introduction of new tools and the change 
management associated with them has been 
important, it has been no less significant to 
guarantee an adequate level of cyber security, 
minimising risks and with the capacity to respond 
to incidents. To this end, action has been taken in 
the areas of the following diagram/scheme:
have facilitated the adoption of new ways of working 
that promote collaboration, mobility and efficiency. 
This process has been accompanied by a change 
management plan, which included communication 
and training actions, as well as personalised 
helpdesk service. Similarly, work has been done 
on a new search engine, on a more interactive 
and collaborative version of the corporate intranet 
(miRED), on new collaborative workspaces and on 
more efficient tools such as those driven by the 
following initiatives: ImpúlsaTE, Impulsa Espacios, 
Impulsa Servicios and Impulsa Viajes.
EVOLUTION OF SERVICES
EVOLUTION OF TECHNICAL MEASURES 
PROCESS EVOLUTION 
Tender for 
new Corporate 
Security 
services
Information 
System 
Contingency 
Plans
Security  
in new 
technologies
Protection of 
equipment
Cross-cutting 
detection model 
(IT, Operation 
Technologies  
and Physical 
Security
Access 
Security
Protection 
against 
leakage of 
information

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LETTER FROM  
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AND FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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aims to automate processes through  
technologies such as RPA (Robotic Process 
Automation), virtual assistants, advanced 
analytics and artificial intelligence. In 2020,  
this service analysed 127 of the Company’s 
processes, automating 8 of them via RPA, and 
is working on automating more processes  
during 2021.
To optimise and develop the systems that  
support the Company’s processes, and to make 
them more efficient and resilient, new architecture 
services have been defined for the Group’s systems 
and existing ones have been developed (Cloud 
computing framework, new Blockchain benchmark 
architectures, IoT4, integration and Cloud, etc.).
In 2020, the Company worked on 12 technological 
projects, to which 17 actions are added, to 
improve the architecture of the Red Eléctrica 
Group’s systems, optimising resources and 
improving availability, agility and performance; 
implementing and developing the technical and 
procedural security measures of the systems; 
incorporating technologies that facilitate mobility 
and collaboration, and align management 
processes and hence improving internal 
management procedures.
In addition, capitalising on the value of data, 
which optimises the decision-making process 
to facilitate the generation of competitive 
advantages, and maximising it as a potential 
One of the main lines of action of the 
digital transformation is to develop IT 
systems and solutions that enable the 
energy transition.

134
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
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as TSO, with actions focused primarily on 
the following: the integration of renewables, 
transformation of operating systems, 
transformation of the management of 
transmission grid assets, development  
projects and structural information.
its deployment, and developing the function of 
data governance in the Group (Enterprise Data 
Lake and Data Self-Service).
One of the main lines of action of the digital 
transformation is to develop IT systems and 
solutions that enable the energy transition,  
thus strengthening Red Eléctrica’s position 
developer of new business models, has become  
a priority for the Company. In this regard, action 
has been taken to promote and implement a  
data-centric organisational approach, establishing 
it as the backbone of the digital transformation 
of the business, providing cultural and process 
changes for the implementation of this approach, 
implementing technological solutions that enable 
Systems and solutions that enable the energy transition
Operation
Transmission
Integration  
of renewables
Transformation of 
project management for 
transmission grid projects
QUIJOTE
VOLTAIREE
EUROTRANS
ESIOS QH
SIMEL
PASOS
COORDINET
AGORA
MANINT
SIGIPM
KAIROS
MOVIMAN
ESTRUCTURED
Transformation of System 
Operation systems
Assets of the transmission  
grid and their structural information
Projects
Projects
New  
SP7  
Control 
System

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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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In this regard, the following centralised services 
have been established: technological infrastructure, 
digital workstations, corporate applications, 
customer service, cyber security, critical business 
systems (24/7) and data governance services.
Technological innovation
Since its creation in 2019, Red Eléctrica y de 
Telecomunicaciones, Innovación y Tecnología 
(RETIT) has established itself as a transformation 
driver of the Red Eléctrica Group, promoting 
the development of the energy transition and 
that of telecommunications through innovation 
and technological advancements, through the 
conceptualisation, incubation and acceleration 
of initiatives with a technological base, attracting 
and integrating internal and external talent.
The launch in July 2020 of its commercial brand 
Elewit –from the English words elevate + wit – has 
allowed the Red Eléctrica Group to strengthen its 
presence in the innovation ecosystem, increase 
the dissemination and communication of its 
innovation activity, and give greater visibility to 
its presence in relevant forums such as CIGRE, 
Startup Olé, Barcelona Tech, Digital Summit and 
South Summit, among others.
Courses of action
To achieve its objectives, Elewit has launched 
various courses of action: Venture Client 
programmes, Corporate Venture Capital (CVC), 
ecosystem generation, Tech labs, a technology 
factory, a project management office, the creation 
of a Global Innovation Hub (GIH) and a team 
for the showcasing the Group’s technological 
capabilities/solutions.
However, the digital axis not only works for 
the transformation of the TSO role but also for 
the transformation of the entire Red Eléctrica 
Group. For this reason, a centralised governance, 
management and operation model has been 
defined, whose strategic lines are the following:  
to contribute to business growth in the companies 
of the Group; to increase the level of efficiency 
in the processes and organisation of IT in these 
companies and to apply an excellence model.  
Elewit, the 
technology 
subsidiary of the 
Red Eléctrica 
Group, has enabled 
the Company 
to strengthen 
its presence in 
the innovation 
ecosystem.
Ecosystem 
generation
Venture  
Client 
Programmes
Technological 
factory
Showcasing our 
technological 
capabilities
Corporate 
Venture Capital 
(CVC)
Tech Lab
Project 
Management 
Office
Global  
Innovation Hub

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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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REPORT
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in startups for 3.02 million euros, which means  
a total investment in innovation and technological 
development of 16.91 million euros.
Investment in innovation 
and technological development
During 2020, the Red Eléctrica Group executed 
124 innovation projects, which have entailed  
a financial investment of 5.89 million euros.  
In addition, funding for 8 million euros in Venture 
Capital commitments have been mobilised  
and investment processes have been launched  
Elewit has invested 
16.91 million euros 
in innovation and 
technological 
development, 
spread across  
124 projects and 
other commitments 
with Venture  
Capital funds  
and startups.
Breakdown of innovation projects in 2020 based on their  
objectives (124 projects)
8
Improving ties  
with society
13
Increasing grid 
infrastructure 
availability
29
Increasing system 
security
9
Integrating  
renewable  
energy
6
Consolidating  
Occupational Health & Safety
2
Maximising the use  
of infrastructure
32
Improving  
efficiency 
14
Enhancing the 
sustainable 
management  
of assets
11
Other

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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
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Most significant innovation projects in 2020
The Red Eléctrica Group is committed to the enormous potential of 5G technology. This commitment is focused on two major  
areas of opportunity:
• the needs of mobile operators for locations for their new 5G antennas; and,
• the optimisation of key Group processes (such as predictive maintenance in substations or the inspection of electricity towers)  
using the advantages that the new 5G technology offers in terms of quality of service (latency), connection speed and connection  
density.
In order to meet the new needs of mobile operators for siting new 5G electronics and antennas, projects have been developed in the Red 
Eléctrica Group with a dual objective: to gain experience in the installation 
 of 5G systems; and to technically and economically analyse 
whether the installation of mobile/5G infrastructure on electricity transmission grid towers allows the operation of this equipment under  
the terms of service required by telecommunications operators, according to FWA (Fixed Wireless Access) technology.
Pilot projects underway:
• Installation of a 5G system on an electricity tower, providing both the power supply and the fibre optic connection necessary  
for its operation directly from a substation.
• Installation of a satellite telecommunications system on an electricity tower that does not have a power supply coming directly from  
a substation; instead, the power supply necessary is installed on the tower itself.
• Installation of a 5G system on an electricity tower that does not have a power supply coming directly from a substation but takes its power 
directly from the system and connection to the mobile operator is via fibre optics from the tower itself.
Elewit is part of a joint venture with Orange, VISYON, Etra, CFZ Cobots, Robotnik, Arborea and Idrica, which aims to contribute to the objectives of 
Red.es in the development of 5G technology in Spain. The awarding of the contract by the Ministry of Economic Affairs and Digital Transformation 
was resolved on 30/07/2020 in favour of the joint venture, obtaining the highest score (9.2 out of 10) of all the proposals submitted.
The joint venture submitted 15 use cases to Red.es (#Pilotos 5G) to meet these objectives. The Red Eléctrica Group is leading 4 of them,  
in which the use of 5G technology will be tested in the Group’s activities to seek improved efficiency in processes. Specifically, the operation 
of the transmission grid protection systems will be checked in those cases in which sections of fibre optic cable are replaced with 5G links, 
the processes within the substation will be automated using SO₂ and SF₆ sensor equipment that contributes to the predictive maintenance 
of transmission grid assets and artificial vision technology will be used to locate possible ‘hot spots’ or ‘leaks’. Towers will also be inspected 
by using drones capable of sending information via 5G networks in real-time to experts who need to analyse the information provided. The 
5G network will be tested as an alternative to the mobile operator’s own 5G network, using satellite to provide communication between the 
5G in the Red Eléctrica Group
5G/maximising the use  
of electricity grid infrastructure
5G / RED.es National Plan - Call  
for Proposals
Continued on next page >>

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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Most significant innovation projects in 2020 / continued
Continued on next page >>
drone and the expert. The proposal for 5G pilot projects is in line with the Red.es roadmap: to experiment with 5G network deployments and the 
network management techniques that this technology allows, to develop use cases that enable the improvements provided by 5G technology 
to be accredited and to help the project to progress during its execution phase so that it progressively incorporates the new 5G standards that 
have been published.
This new digital platform 
 will enable the transformation of the Red Eléctrica Group’s construction operations in the following areas: 
occupational health and safety, control and monitoring of workers, project control, quality management, control of assets, materials and 
machinery, and sustainability. In 2020, two minimum viable products (MVP’s) 
 were produced to quantify the efficiencies captured by 
the platform.
The EPICS (Edge Protection and Intelligent Control Solution) project consists of the creation of an MVP that integrates, in a single hardware 
and open software platform, the protection and control functions of a complete substation, thereby achieving significant efficiencies and 
opening up the possibility of developing new algorithms and automatisms that favour a more agile and dynamic evolution of the electricity 
system.
This project has the support of the startup called NEARBY, a company in which Elewit has a stake and with which it is hoped to define and 
create the most efficient hardware and software platform suitable for the needs of the product.
Project aimed at integrating and applying robotics in the construction of facilities, increasing the efficiency and safety of the work. During 
2020, various studies were carried out, and MVPs have been generated in the field of overhead lines.
A project to evolve overhead line maintenance, directly impacting on current technical procedures, information flows and the operational 
aspects regarding fieldwork. Its main objectives are the following: to achieve cost efficiency, internalise and systematise knowledge and 
standardise the detection of anomalies. The project comprises three fundamental areas:
• Capture of images with a drone specifically designed for line inspection, which is light, automatic, low-cost and safe.
• Development of artificial intelligence (AI) models 
 for anomaly detection 
• Development of a platform to manage the entire inspection process (validate anomalies proposed by the algorithms, generate  
ad hoc reports, automatically display of alarms and allow the management of detection models).
5G / RED.es National Plan - Call  
for Proposals (continued)
C3 Construction Knowledge  
Centre
 
EPICS 
Robotisation and automation  
in construction
DALIA

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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Most significant innovation projects in 2020 / continued
Continued on next page >>
An MVP has been developed to validate the diagnosis of the isolation of high voltage facilities by incorporating artificial intelligence based on the 
measurement of partial discharges, their location and criticality to ensure their appropriate management from a maintenance perspective.
During the pandemic, Elewit promoted, together with other corporations in the energy sector such as Enagás, CLH, Iberdrola, BP, EIT 
InnoEnergy, Acciona, Capital Energy and DISA, an open call to other companies and institutions to contribute to mitigating the economic  
and social impact of COVID-19 from the perspective of energy and through innovation. Through this call, more than 300 projects were  
received in less than two weeks. Among the proposals, the startup called Hesstec was identified, and two pilot projects have been launched 
with it (one with Iberdrola and the other with Acciona), to explore new technologies and management strategies for energy storage systems 
for the provision of services that facilitate the integration of renewable energy into the system.
A project to update the database of photovoltaic panel installations and their installed power capacity based on the analysis of satellite 
information, which will enable better estimations of the impact of self-consumption on the operation of the system to be obtained.
Development of a new classic and modern electrical calculation software, that can be perfectly integrated, maintained and extended  
to other areas and designed to address future challenges. It opens the door to processes that were not feasible until now, such as mass 
electrical calculations and the application of artificial intelligence in electricity grids.
The objective is to understand the reality of small-scale self-consumption (< 1MW), due to the fact that self-consumption installations  
are not expected to have real-time metering, nor will they have a meter monitoring their generation. However, this information exists  
via IoT and is in the Cloud. The platform will allow monitoring in pseudo-real-time, allowing estimations and forecasts regarding  
production to be improved.
This project aims to guarantee the safety of people and facilities in discharge operations (operations to disconnect a facility  
from the rest of the electricity grid), eliminating risk situations for operators through the use of Blockchain technology. This objective  
is aligned with the aligned with the ‘zero accidents’ strategic goal of the Red Eléctrica Group.
Partial discharge platform
Positive Energy
Identification of PV panels
NEWTON electrical calculation 
software
Self-consumption platform
Protected areas

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BUSINESS MODEL 
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Most significant innovation projects in 2020 / continued
Grid2030  
 
• Overstory: the project will complete the vegetation map of the physical spans between contiguous electricity line towers, through  
the use of satellite image processing algorithms, enabling the deployment of new strategies for the management of vegetation throughout 
the entire transmission grid.
• Zapiens: creation of a platform based on artificial intelligence to bring together all the ‘informal’ knowledge of operation and  
management of transmission grid facilities so that it can provide automated responses by means of a chatbot fed with the knowledge  
of employees.
In 2020, the ENIGMA project (ElectrIc Grid Ai)  
– a project selected in the second call of the  
Red Eléctrica Group’s Grid2030 initiative 
- has begun. This project aims to study 
frequency stability in an electricity subsystem 
through the simulation and application of 
neural networks and Deep Reinforcement 
Learning methodologies in order to analyse 
the results obtained. ENIGMA focuses on the 
optimisation of the operating principles and 
the configuration of the control functions 
implemented in the new electronic devices 
connected to the electricity grid.
Progress has also been made on the projects 
selected in the first call of the programme. 
 
Other pilot projects
Ecosystem generation
Elewit enables existing relations between the  
Red Eléctrica Group and the entire innovation and 
entrepreneurship ecosystem to be streamlined 
and strengthened, both nationally and 
internationally, showcasing internal knowledge 
and attracting external ideas and talent.
In December 2020, Elewit held the first edition  
of its Innovation Sessions, a series of conferences 
open to the ecosystem that enabled projects 
and opportunities generated since its creation 
to be shared, as a result of the collaboration 
with startups, universities, technology centres 
and other corporations, while constantly seeking 
to generate shared value through collaboration 
between internal and external talent. The aim  
of the conference was threefold. Firstly, to reflect 
on the current and future situation of two key 
sectors in the existing financial context, the 
electricity and telecommunications sectors,  
in which the Red Eléctrica Group plays a leading 
role as operator and manager of infrastructure. 
Secondly, to share projects and opportunities 
with the ecosystem. And lastly, to learn and grow 
together to contribute to the energy transition 
and the development of telecommunications by 
incorporating innovation. The event was held over 
two days; the first day was open to the public and 
a second day, reserved for the Group’s employees, 
which also included some external collaborators. 
In this second internal session, the leaders of 
the main projects that are currently underway 
presented the latest information regarding the 
status and progress of their projects to the  
entire organisation.

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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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regarding BIDA technologies are shared. And 
lastly, South Summit, a national benchmark 
for the generation of an ecosystem and brand 
positioning that connects startups with investors 
and corporations from all over the world that 
seek to improve their competitiveness through 
innovation. Additionally, Elewit has become 
part of El Referente’s Investment Guide in the 
‘Accelerators’ and ‘Private Financing’ sections.
that supports high-impact entrepreneurs around 
the world), with a triple scope: communication 
and dissemination, support in the selection of 
startups for the II Venture Client Programme, 
and mentoring activities with our entrepreneurs. 
Secondly, Startup Valencia, which is a 
commitment to the Valencian innovation and 
entrepreneurship ecosystem as one of those 
with the greatest potential a national level. Also, 
the BIDA (Big Data, artificial intelligence and 
data analytics) Observatory, where experiences 
The impact of the first edition of the Innovation 
Sessions of the Red Eléctrica Group has been 
extremely positive (external day: average rating 
4.6 out of 5; internal day: average rating 4.5 out  
of 5), with around 500 people attending the 
external session and 182 attending the internal 
session.
In 2020, Elewit continued to expand its ecosystem 
with the addition of five new partners. Firstly, 
Endeavor Spain (a global non-profit organisation 
The first edition of
INNOVATION SESSIONS
WAS VERY WELL RECEIVED  
HAD THE PARTICIPATION  
OF MORE THAN
680
ATTENDEES
Main agreements and collaborations in 2020
BIDA Observatory
Elewit has become part of this observatory promoted by 
the AECA (Spanish Association of Accounting and Business 
Administration), together with other Spanish companies and 
public and private entities.
Startup Olé
Signing up to the #innovacionfrentealvirus initiative 
(innovation against the virus), developed during the COVID-19 
pandemic, where mentoring was given to projects that help 
to mitigate the effect of the virus from the perspective of 
energy, sustainability and social impact. In addition, Elewit 
has actively participated in the annual Startup Olé 2020 
congress as part of the startup selection committee and 
through the participation of various speakers on several 
roundtables.
Endeavor España
Signing of a new partnership to promote the communication 
and dissemination of Elewit’s mission and its commitment  
to the innovation ecosystem, as well as providing support in 
the selection of startups for the II Venture Client Programme 
and mentoring activities with entrepreneurs.
South Summit
Participation in the 2020 event as innovation partners.  
South Summit is one of the leading global platforms for 
innovation, focused on generating business opportunities. 
It brings together the main players from the national and 
international entrepreneurial ecosystem.
Startup Valencia
Signing of a new annual collaboration as corporate  
partners for the development of initiatives in the field of 
industrial digitalisation and disruptive technologies with  
a B2B focus.

142
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
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The aforementioned agreements and 
collaborations, which started in 2020, are in 
addition to those already previously signed:
Venture Client Programmes
In the current context of innovation and change, 
startup acceleration programmes and Venture 
Capital investment appear as fundamental  
tools to strengthen the presence and impact in 
the innovation and entrepreneurial ecosystem. 
The Venture client model focuses on identifying 
startups with high potential and impact in the 
strategic areas for the Company, converting them 
into clients and allowing their technology to be 
iincorporated into the Company, in short and agile 
periods to validate their solution. The goal is to 
open the door to establishing business relations 
that give way to incorporating them as suppliers, 
furthering investment, reaching joint agreements 
for the management and commercialisation 
of solutions, etc. In 2020, Elewit launched two 
programmes.
Mobility Hub (Madrid in Motion)
Elewit is a supporting partner. During 2020, 
conceptualisations have been carried out 
looking for new opportunities and collaborations, 
specifically with Naturgy and ESRI, who are also 
partners of the hub.
Energy Transition Hub (I2B)
During 2020, Elewit has participated in the definition 
of priorities and working groups. In particular, 
noteworthy is the work of the ‘hydrogen for mobility’ 
group.
I Venture Client Programme 
Five-month programme, ending in June, aimed at 
exploring business opportunities with the Red Eléctrica 
Group, with the aim of conducting a pilot project. 
The first programme, in addition to focusing on the 
launch of pilot projects with different areas of the Group, 
supported the four participating startups (selected from 
among more than 500 companies) by offering more than 
150 hours of personalised mentoring in the management 
of sales, products, teams and legal aspects.
Banco Sabadell (BStartup)
The agreement signed with BStartup aims to facilitate 
access to specific financial tools for those entrepreneurs 
who need them.
Spanish Association of Capital, Growth and 
Investment (ASCRI)
Elewit is a managing partner. During 2020, ASCRI was 
one of the collaborating entities in the Positive Energy+ 
initiative.
EIT InnoEnergy
In addition to Elewit’s participation in several events 
organised by InnoEnergy, the collaboration has allowed 
access to more than 250 startups, national and 
After the first programme, six pilot projects 
 were carried 
out, led by the business areas and with the drive and backing 
of the Elewit team, investing a total of around 360,000 euros.
II Venture Client Programme
Launched at the end of 2020, and based on the experience 
gained from the first one Elewit has been to broaden the focus 
of the search to companies from all over the world. Lastly, of 
the more than 120 startups with potential from more than 10 
countries, eight startups 
 have been chosen to participate 
in the programme, which began in January 2021.
international, at different stages of their business and with 
a variety of value propositions.
Innovation Framework Agreements
There are six framework agreements signed with 
universities and technology centres, which serve as a 
basis for the development of projects in various areas of 
interest, including the following: These are the Andalusian 
Association for Research and Industrial Cooperation (AICIA), 
the Institute of Knowledge Engineering (IIC), the Energy 
Technology Institute (ITE), the CITCEA-UPC Technological 
Innovation Centre, the University of Las Palmas de Gran 
Canaria (ULPGC) and Tecnalia.

143
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
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1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
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Corporate Venture Capital
The Corporate Venture Capital model is an 
investment model whose objective, in addition  
to seeking financial profitability, is to speed up the 
incorporation of new technologies into the Group. 
It is considered a risky venture, given the fact  
that the companies in which it invests (directly  
or through a fund) are startup companies.
Key activities in 2020
Investments in funds
Adara. Fund with an overall focus on technology  
and specialised in digital technologies, with a presence 
in Spain and Europe. It will also have an investment 
focus aimed at ‘Deep Tech’ companies, based on  
data technology, with low operational costs and 
preferably  with the capacity to be scaled up to include 
US markets.
Cardumen. Spanish venture capital fund specialised  
in investing in ‘B2B, Deep Tech’, data-driven companies, 
with low operational costs and preferably with the 
capacity to be scaled up to include markets in Israel.
Direct investments
Zeleros. The participation in Zeleros is aligned with 
the electrification of society, as this project introduces 
the electricity vector in mobility, placing the citizen  
at the centre. Founded at the University of Valencia,  
Zeleros is developing what is already considered to be 
the ‘fifth means of transport’, the Hyperloop. Hyperloop 
is a means of land transport that allows speeds of up  
to 1,000 km/h with reduced energy consumption, 
thanks to a combination of propulsion and levitation 
technologies. It is a system of pods or carriages that 
travel by ‘floating’ through tubes in a low-pressure 
environment, allowing passengers and cargo to be 
transported with minimal resistance. There are currently 
six companies developing different Hyperloop models, 
driven by Tesla founder Elon Musk. Zeleros is the only 
Spanish company in this group.
Countercraft. The participation in Countercraft  
is part of the Red Eléctrica Group’s interest in 
cyber security applied to the protection of critical 
infrastructure. The Company’s objective is to manipulate 
hackers, creating synthetic bait and credible scenarios. 
This helps organisations to prevent attacks and to 
identify and understand the logic of their attackers. 
CounterCraft excels at automating these tasks,  
making it easier to protect large organisations - public 
or private - that handle large amounts of critical 
information.
Nearby Computing. Investment aligned with the 
deployment of 5G, as well as with improving the smart 
management of our assets. Nearby Computing is a 
company created in July 2018 as a spin-off of the 
National Supercomputing Centre in Barcelona. The 
company focuses its work on the corporate deployment 
of IoT and 5G solutions and, in particular, its main 
strength is to bring the processing power as close as 
possible to the place where the data is being generated, 
thus improving response times. In other words, the 
company’s focus is on bringing the Cloud to the user, 
right to the edge (Edge Computing). The company’s 
end customers are both companies and public 
administrations, and it already has joint projects  
with companies such as Cisco, Intel, Lenovo and  
Cellnex.

144
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
equipment test systems, fire detection systems, 
and on-site document management and 3D 
power line representation systems, among  
others.
In 2020, Elewit and IBM signed an alliance  
to jointly market SAGA, a pioneering agreement  
in the industry that responds to the interest that 
this solution has generated in the global market.
Furthermore, in 2020, a process to analyse the 
commercial potential of the Group’s innovative 
technological solutions has been carried out. 
During 2021, market interest in several of these 
solutions will be explored. These solutions include 
grid study automation systems, remote control 
Showcasing innovation
Elewit seeks to generate, create or adopt 
technological solutions that enable the Red 
Eléctrica Group to address its challenges  
and that could potentially add value to its current 
or future businesses. Additionally, Elewit will also 
showcase and commercialise the technological 
solutions developed by the Group, whether 
exclusively or via alliances with other partners. 
An example of the latter is the Advanced Asset 
Management Solution (‘SAGA’), a software 
developed by Red Eléctrica de España and 
marketed by Elewit.
SAGA is the result of an internal project by 
Red Eléctrica de España with the aim of 
intelligently managing the assets of electricity 
grids and generating an optimised planning 
of the maintenance and renewal of assets. 
This technological solution has aroused great 
interest in national and international forums, 
both at a technical level - due to the algorithms 
based on artificial intelligence and the advanced 
data analytics it uses - and from a business 
perspective - due to the profound change it 
entails for a company’s processes and work 
culture, as well as the efficiencies and synergies 
it generates. Elewit is now promoting this 
technological solution for the electricity grid 
managers around the world, which could even  
be adapted to other sectors.
The great interest 
shown in the SAGA 
solution on the 
global market led 
to the signing 
of an alliance 
between Elewit 
and IBM for its 
commercialisation.

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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
6
Decarbonisation 
of the economy
Red Eléctrica actively 
participates in the transition 
towards a new energy model 
that is more decarbonised  
and sustainable.

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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Decarbonisation 
of the economy 
The Red Eléctrica Group undertakes the following 
commitment as a sustainability priority: Be an 
active agent in the energy transition towards 
a zero-emission model, advocating for the 
electrification of the economy and the efficient 
integration of renewable energy through a 
more robust and interconnected grid, as well 
as through the development and operation of 
energy storage systems. 
Climate change and Energy transition
147
Sustainable development of the grid
153
Integration of renewable energy
163
Flexibility of the electricity system:  
smart grids, demand-side  
management and electric mobility
173
Reduction of the carbon footprint 
178

147
SUSTAINABILITY 
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
6.1
Climate change 
and Energy 
transition
103-1 / 103-2 / 103-3
Climate change is a global challenge that is high on the international agenda. 
In a context of decarbonisation, the role of the electricity sector is essential to 
achieve the transformation of the energy sector.
Climate change is a global challenge that is high up on the international 
agenda. Curbing the increase in the rise of global temperature requires 
urgent action to make growth and economic well-being compatible with 
reducing emissions, and this will only be possible through the transition to 
a decarbonised energy model. In this context, the electricity sector plays an 
essential role and will have to face numerous changes that represent a great 
challenge for the Red Eléctrica Group and, also, a great opportunity.

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SUSTAINABILITY 
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The only way to make the security and quality of 
supply compatible with not only renewable energy, 
new technologies, digitalisation, self-consumption 
and distributed generation, but also with the new 
role of the consumer and the participation of 
other agents is through the commitment and work 
of the Company.
Climate change: A call to action 
The challenge of combating and tackling climate 
change is a priority on the global agenda. The 
Paris Agreement, reached at the 21st Conference 
of the Parties (COP21) in 2015, marked a historical  
milestone and since then, the international 
community has been working on the development 
of the mechanisms for its implementation.
The main element of the agreement is the 
commitment of the signatory parties to keep the 
global average temperatures from rising by 2º C 
with respect to pre-industrial levels, striving to limit 
it to 1.5º C. In 2018, the Intergovernmental Panel on 
Climate Change (IPCC) published a technical report 
confirming the urgent need to increase climate 
change targets to more ambitious levels and work 
to keep the temperature rise below 1.5º C. 
Curbing the increase in the rise of global 
temperature requires urgent action to make 
growth and economic well-being compatible with 
reducing emissions. In this regard, the European 
Green Deal proposes a new strategy to achieve a 
prosperous and just society, based on an efficient 
economy regarding the consumption of resources 
and which sets the goal of achieving climate 
neutrality in 2050. In order to move forward 
towards this goal, the European Union made an 
upwards revision of the target for 2030 and in 
December 2020, the European Council endorsed 
a new target for a 55% reduction compared to 
1990 levels. 
INTERNATIONAL 
CHALLENGE
Ensure that the rise  
in temperature stays below 
ACCORDING TO THE INTERGOVERNMENTAL  
PANEL ON CLIMATE CHANGE (IPCC)
1.5ºC
Curbing the increase in the rise of global 
temperature requires urgent action to 
make growth and economic well-being 
compatible with the reduction of emissions 
and this will only be possible through a 
transition to an energy model that allows 
affordable and non-polluting energy for all.

149
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
In Spain, the recently presented ‘Long-term strategy 
for a modern, competitive and climate-neutral 
Spanish economy in 2050’, the proposed ‘Climate 
Change and Energy Transition Law’ and the ‘2021-
2030 Integrated National Energy and Climate 
Plan’ (NECP), are fully aligned with European targets 
and ambition and is aligned with Sustainable 
Development Goal 13 (SDG) on climate action.
In all these plans and strategies, the transition 
towards an energy model that allows affordable 
and clean energy for all, as defined in SDG 7, 
is identified as the main vector for achieving 
the decarbonisation goals. In this context, 
the role of the electricity sector is crucial as it 
facilitates the incorporation of renewable energy 
into the generation mix and is key to achieving 
improvements in energy intensity and efficiency 
values. This fact is fully reflected in the NECP 
objectives, which set out the need to achieve an 
electricity system with at least 74% renewable 
energy capacity in Spain, in order to achieve a 
level of 42% of renewable energy in the generation 
mix by 2030.  
The commitment of the 
Red Eléctrica Group in the fight  
against climate change
The Red Eléctrica Group, as the key player of the 
Spanish electricity system, is an essential agent 
in the transition towards a new energy model, 
whose key elements shall be overall efficiency, 
the electrification of the economy, the maximum 
integration of renewables into the energy mix, all 
while guaranteeing security of supply at all times.
The Company’s stance on this aspect is reflected 
in its Strategic Plan, with an essential pillar being: 
Make the energy transition possible in Spain. The 
key elements required to make progress in said 
transition are the ongoing high levels of investment 
and technological innovation for the development 
of a robust and smart transmission grid that is 
In 2020, Red 
Eléctrica has been 
included in the 
CDP Leadership 
Index (A list), 
which recognises 
its efforts and  
the actions 
carried out in 
order to combat 
and tackle  
climate change.

150
SUSTAINABILITY 
REPORT 
2020
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
increasingly more interconnected through the 
reinforcement of cross-border connections; the 
optimisation of the electricity system operation, 
which is increasingly more complex; the ongoing 
implementation and application of demand-side 
management measures; the incorporation of 
energy storage systems and new elements such 
as the electric vehicle; the promotion of innovation 
activities (smart grids, digitalisation, ...), and the 
development of new services that enable the 
coordination between the various agents.
Furthermore, since 2011, the Red Eléctrica Group 
has maintained a voluntary commitment in the 
fight against climate change, which is materialised 
in specific objectives and a Climate Change Action 
Plan (2015-2020-2030). The Action Plan is based on 
four essential pillars and one cross-cutting course of 
action, all of which are linked to the 6 principles  
of the Company’s commitment to climate change.
In 2021, the Red Eléctrica Group will work on 
updating its climate-related targets and its 
action plan in order to increase its ambition in 
the fight against climate change, in line with the 
recommendations of the experts and the new 
national and European policies.
  
Principles of the climate change commitment
COMMITTED
to energy efficiency 
at all levels
REDUCTION
of greenhouse  
gas emissions
EXTENDING
our commitment 
to stakeholders, 
mainly suppliers
INTEGRATION 
of renewable  
energy
PROTECTION
of forested  
areas: fire 
prevention and 
the promotion 
of reforestation 
projects
DEVELOPMENT
of climate  
change  
adaptation  
projects

151
SUSTAINABILITY 
REPORT 
2020
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Contribution to a  
sustainable energy model 	
Actions related to the activity of Red 
Eléctrica as transmission agent and 
electricity system operator, and which 
are necessary in order to achieve the 
European 2020 and 2030 targets.
• Development of infrastructure to 
facilitate the electrification of the 
economy, connect new renewable energy 
power capacity and provide the power 
to feed the railway network.  Noteworthy 
is the development of electricity 
interconnections, both international 
and between islands, which guarantee 
supply when dealing with the variability 
associated with renewable generation.
• This information is detailed in the 
Sustainable development of the grid  
  
section of this report. 
• Achieve the maximum level of 
integration of renewable energy 
into the electricity system through the 
optimisation of system operation and 
the operation of CECRE, the improvement 
of generation forecasting tools, the 
participation in regulatory proposals 
and the integration of energy storage 
systems that will enable the integration 
of renewables, while guaranteeing the 
security of the system. 
• This information is detailed in the  
Integration of renewable energy 
 
section of this report. 
• Contribute to greater efficiency in 
the electricity system, by improving 
the public’s knowledge regarding 
the demand for electricity and 
developing demand-side measures for 
its management, incorporating new 
elements such as electric vehicles and 
promoting innovative activities (smart 
grids and digitalisation). 
• This information is detailed in the  
Flexibility of the electricity system 
 
section of this report. 
• Promote measures and carry out studies 
aimed at reducing transmission grid 
losses and increasing grid efficiency, 
working on improving those aspects that 
rely on the management of Red Eléctrica 
de España. 
Reducing the  
carbon footprint 	
The Company has committed to an 
overall emissions reduction target, 
approved by the Science Based Targets 
initiative (SBTi), and to various partial 
targets for reducing emissions or energy 
consumption.
The main areas of action to achieve the 
targets are:
• Reduction of SF₆ emissions.
• Reduction of electricity consumption 
(efficiency measures) and associated 
emissions (energy supply - 100% 
renewable).
• Sustainable mobility plan.
• Extending Red Eléctrica’s commitments 
throughout its supply chain.
• Advancing in the inclusion of  
efficiency criteria and savings in  
the use of materials in the design of 
facilities.
• Offsetting of emissions, mainly due to the 
‘Red Eléctrica Forest’ initiative.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
• This information is detailed in the  
Reduction of the carbon footprint 
 
section of this report. 
Climate Change Action Plan: Courses of action
Continued on next page >>

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SUSTAINABILITY 
REPORT 
2020
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Climate Change Action Plan: Courses of action / continued 
Adaptation  
to climate change 	
Red Eléctrica is aware of the need to make 
progress in adapting to climate change, 
in order to tackle both the inevitable 
physical changes in climate parameters 
and the social, economic and regulatory 
changes associated with the fight 
against climate change. 
Red Eléctrica periodically identifies  
and assesses both risks and opportunities 
derived from climate change and applies 
various measures defined within the 
framework of this analysis. Since 2019, 
the Company has made significant 
progress in the implementation of the 
recommendations of the Task Force  
on Climate-related Financial Disclosures 
(TCFD), as a result of carrying out an 
in-depth review of governance and the 
process of identifying the risks and 
opportunities associated with climate 
change, incorporating the consideration 
of different scenarios and improving the 
economic quantification of the same. 
Information related to this work and the 
risks and opportunities reviewed is included 
in the ‘Trends and Opportunities’ 
  
and ‘Risk Management’ 
 sections  
of this report. 
The Company’s stance  
and the disclosure of  
relevant information 	
Red Eléctrica undertakes to extend its 
commitment to climate change and 
to engage its stakeholders in matters 
related to climate change. The main 
objective is to disseminate complete and 
transparent knowledge regarding the 
electricity systems and the demand-
side management measures, in addition 
to promoting other energy efficiency 
measures.
Red Eléctrica is a member of the Spanish 
Green Growth Group, an association 
for the promotion of public-private 
collaboration to jointly advance the 
decarbonisation of the economy, working 
mainly on aspects related to actions 
regarding climate change mitigation and 
adaptation, and the circular economy.
In order to succeed in the implementation of the recommendations of  
the Task Force on Climate-related Financial Disclosures, in 2019 the Company 
carried out an in-depth review of the governance and procedure for identifying  
the risks and opportunities associated with climate change.

153
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
6.2
Sustainable 
development of the grid
103-1 / 103-2 / 103-3 / 203-1
Key indicators  
in 2020
• 383.1 M€ of investment  
in the transmission grid.
• 115.9 km of new line  
circuits and 94 new  
substation bays.
• 49% of substations  
integrated into the asset 
monitoring system  
(SIMON).
• 2,444 km of circuits  
inspected with drones.
2020 milestones
• Publication of the initial strategic  
document of the environmental assessment 
of the new 2021-2026 Electricity Planning  
as well as the foresight studies of the 
electricity system with a 2030 horizon.
• Commissioning of the new submarine 
electricity link between Menorca and  
Majorca.
• Significant progress on the following axes 
Caparacena-Baza- Ribina (22.6 M€), Leones 
(21.3 M€) and Norte-Oriental (20.1 M€).
• Carrying out of pilot tests for the validation  
of algorithms and new maintenance 
strategies based on asset risk.
• Demonstration of the efficiency of the VEGETA 
project through works awarded for 2021. 
Challenges in 2021
• Phase to submit comments and arguments 
and the second phase of studies regarding 
the 2021-2026 Electricity Planning 
proposal.
• Implementation in ENTSO-E of the 
European Resource Adequacy Assessment 
(ERAA) regarding demand coverage.
• Relevant commissioning of the following 
axes: Caletillas-El Rosario, Norte Oriental, 
Lousame-Tibo-Mazaricos and Carmonita.
• Consolidation of the deployment of the  
new asset management process (MANINT) 
in the Facilities Maintenance Area.
• Holistic planning of our maintenance 
activity for 2022 with the new asset 
management model.

154
SUSTAINABILITY 
REPORT 
2020
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
aspects of economic efficiency and sustainability 
of the electricity system. In addition, physical, 
technological and environmental viability have 
been taken into account in the analyses carried 
out, prioritising those alternatives that allow 
a better use of the existing grid. The current 
Planning in force also includes an annexe,  
non-binding, for those facilities considered 
necessary with a post-2020 horizon, so that  
the administrative permitting process can begin.
aspects of said Planning, and in June 2019 a set  
of adaptations of a technical nature.
The 2015-2020 Electricity Planning  
includes the projects of new infrastructure  
of the transmission grid necessary to guarantee  
the electricity supply nationwide, considering the 
Sustainable development  
of the grid / EU10
The current infrastructure planning, approved by 
the Council of Ministers of the Spanish Government 
in October 2015, covers a period of six years and 
is binding in nature for Red Eléctrica. In July 2018, 
the Council approved an Amendment of specific 
Cornerstones of the Electricity  
Transmission Grid Planning
ECONOMIC 
EFFICIENCY
SECURITY OF 
SUPPLY
ENVIRONMENTAL 
SUSTAINABILITY
The direct current  
cross-border connection between 
Spain and France 
(Santa Llogaia-Baixàs) has,
REPRESENTED  
A SAVING OF
FOR THE SPANISH ELECTRICITY  
SYSTEM
528 M€

155
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The study phase began in June 2019. In 
December 2019, Red Eléctrica de España, in its 
capacity as System Operator, submitted the ‘Initial 
Proposal for the development of the transmission 
grid" to the Ministry of Ecological Transition, 
meeting the deadlines that had been established.
After sending the 'Initial Proposal for the 
development of the transmission grid', the 
Ministry of Ecological Transition, as owner and 
the entity responsible for the planning process, 
manages the next steps of the process in 
which the CNMC (Spanish National Markets and 
Competition Commission) and the 17 Autonomous 
Communities in Spain in addition to Ceuta and 
Melilla participate during the consultation phase 
in which parties can submit proposals and 
concerns, pursuant to that established in Royal 
Decree 1955/2000.
2021-2026 Electricity Planning
In February 2019, the planning process  
for the 2021-2026 electricity transmission 
grid was launched following the publication of 
Ministerial Order TEC/212/2019, of 25 February, 
kicking off the procedure for making proposals  
for the development of the electricity 
transmission grid with a 2026 horizon. This  
Order establishes the guiding principles of  
this process, which include as new innovative 
aspects the fulfilment of the commitments 
set out in the target scenario of the Integrated 
National Energy and Climate Plan for 2021-2030, 
the evacuation of renewable energy in those 
areas where there are high renewable resources, 
and it is environmentally possible to operate 
and manage the infrastructure and transport 
the energy generated. It also ensures the 
compatibility of the development of the  
electricity transmission grid with environmental 
restrictions.
A fundamental aspect of the 2015-2020 
Electricity Planning, due to its great influence 
on improving the quality and security of 
the electricity system and the integration 
of renewable energy, is the development of 
interconnections between electricity systems: 
international interconnections, links between 
island systems and connections between the 
Spanish peninsula and the non-peninsular 
electricity systems. Thus, after the commissioning 
in October 2015 of the new direct current cross-
border connection between Spain and France 
(Santa Llogaia-Baixàs), a cumulative saving of 
528 million euros was obtained for the Spanish 
electricity system in this four-year period, of 
which 422 million euros correspond to savings  
in the day-ahead market.
Foresight studies of the electricity  
system with a 2030 horizon were published  
in 2020.

156
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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
development of interconnections between 
electricity systems, providing electricity to power 
the high-speed train and enabling grid access 
for the evacuation of energy from windfarms.
Throughout 2020, the Company commissioned 
115.9 km of new line and 94 new substation 
bays, and increased the transformer capacity 
by 1,115 MVA, with an overall investment in the 
transmission grid of 383.1 million euros.
electricity supply, in 2020 the Company continued 
to work on new detailed foresight studies with 
a 2030 horizon regarding the operation and 
management of the mainland and island electricity 
system, as well as the needs of both systems 
considering future decarbonisation scenarios.  
The initial results of these were published in 
September 2020 and presented to all those 
involved in the electricity system.
Construction of the
transmission grid / EU4
In 2020, investment in the transmission grid 
was basically allocated to: security of supply, 
the resolution of technical constraints, the 
Specifically, in August 2020, the process of prior 
consultation and information process of the 
document regarding the scope of the strategic 
environmental assessment of this new planning 
began and, in November 2020, the aforementioned 
Ministry published the document regarding the 
scope of the strategic environmental assessment.
European indicative  
planning - ENTSO-E TYNDP
Every two years, the European Network of 
Transmission System Operators for Electricity drafts 
a non-binding Ten-Year Network Development Plan 
(TYNDP), which describes the future evolution of 
the European electricity system. In November 2020, 
ENTSO-E put out to public consultation the latest 
ten-year plan that includes, among other things, an 
executive report and regional reports corresponding 
to each of the four main corridors defined by the 
European Union. Spain is part of the ‘NSI West 
Electricity Corridor’ region.
Further information on the Company's participation 
in ENTSO-E is detailed in the Relationship with  
the socio-economic environment 
 section  
of this report.
Foresight studies  
for the electricity system
In line with its commitment to the energy transition 
in Spain, and as a guarantor of the security of the 
2016
2017
2018
2019
2020
398.5
411.8
378.2
396.4
383.1
Investment in the  
transmission grid / M€
Red Eléctrica commissioned
OF NEW LINE
AND 94 NEW SUBSTATION BAYS 
IN 2020
115.9 km

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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Interconnection  
with France
Menorca – Majorca submarine 
interconnection. A technological challenge 
with a huge positive impact
In relation to the interconnection with France, the 
following actions have been carried out:
• Interconnection with France across the Bay of Biscay:  
The purpose of this new interconnection with France 
(currently undergoing marine studies as well as 
technical and environmental studies) responds to the 
need to continue increasing the interconnection capacity 
with Europe, in order to achieve the European energy 
targets that allow access to clean, competitive and  
safe energy for all citizens. 
• The project consists of a submarine double link in 
direct current which is 370 km in length, of which  
280 km are submarine, and which has a power capacity 
of 2,000 MW. With this project, whose commissioning 
is scheduled for 2027, the electricity exchange capacity 
with the European electricity system will be raised  
to 5,000 MW.
Red Eléctrica de España has successfully completed the electricity interconnection between the islands that 
make up the Balearic Islands and their connection with the Spanish mainland and the European transmission 
grid as a result of the commissioning of the new interconnection that links Menorca and Majorca. With an 
investment of 84 million euros, this interconnection will play a substantial role in the energy transition process 
planned for Menorca and for all the Balearic Islands by facilitating greater efficiency in the management of the 
island's electricity system, maximising the integration of renewable energy, both existing and future, under  
safe conditions and that will allow a reduction of CO₂ emissions.
The commissioning of this new link, in July 2020, is the result of uninterrupted work carried out ever since the 
Council of Ministers declared its public utility on 2 November 2018 and granted the administrative authorisation 
for its construction. Thus, in a period of 18 months, Red Eléctrica de España has completed the various phases of 
the project execution, continuing work even during the period in which restrictions were imposed on all business 
activities during the state of emergency declared by the Government as a result of the COVID-19 pandemic.
The new link between Menorca and Majorca is comprised of a three-core 132 kV submarine-terrestrial 
underground cable, weighing about 2,300 tonnes (56.5 kg per metre) which connects the substations of 
Ciudadela and Cala Mesquida, in Menorca and Majorca, respectively. The underwater route is 41.7 km in length, 
running at a maximum depth of 86 metres, and the land-based route runs for 12.5 km in Menorca and 742 
metres in Majorca. The land sections of the link on both islands are buried underground.
The shore landing points at both ends of the link are carried out by means of horizontal directional drilling,  
a technique that allows the installation of an underground conduit with absolute control. In this way, it is 
possible to avoid the obstacles posed by the terrain and guarantee the minimum environmental impact, 
especially by safeguarding Posidonia Oceanica and other phanerogam meadows that are present in the coastal 
of both islands. This new link is just one more example of Red Eléctrica’s ongoing commitment to Menorca, and 
the Balearic Islands as a whole, in recent years.

158
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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
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1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Development of the transmission grid in 2020
Improve the evacuation of electrical energy from Asturias to feed Cantabria and the Basque Country.  
The projects under construction are the enlargement of the Itxaso substation as well as the Güeñes - 
Itxaso line.
Facilitate the evacuation of ordinary regime energy, renewable generation, cogeneration and from  
the waste-to-energy generation, as well as improve the meshing of the transmission grid, support  
the electricity distribution network and the grid’s structural functions. 
 
 
Reduce the short-circuit current in Valencia, as well as expanding grid meshing to gain an improvement 
in transmission efficiency and to help meet the demand at adjacent nodes. 
Strengthen the 200 kV grid meshing in the area of Saragossa, improve the stability of the electricity 
system and guarantee supply to the distribution network.
Strengthen the grid, the evacuation of generation, and provide support for the electricity distribution 
network in the northwest area of Galicia. 
Increase the security of supply and the reliability of the transmission grid in the metropolitan area  
of Sta. Cruz de Tenerife, making the transmission grid more robust and reducing its vulnerability 
to incidents. 
 
Improve the quality and reliability of the supply in the Cáceres area, as well as increase the evacuation 
capacity of hydro-electric generation.
2020 and 2021, respectively. 
 
2021, for the Caparacena substation 
and 2022 for the Baza substation and 
the line that joins them.
2025, for the part of the axis that 
connects with Ribina.
The Beniferri substation commissioned 
in 2020. The Beniferri - La Eliana line 
foreseen for 2021.
2021 
2021 and 2022 for the Lousame – 
Mazaricos and the Lousame – Tibo  
lines, respectively.
2021 for the El Rosario substation, 
and 2022 for the rest of the facilities, 
Caletillas substation, the line that  
joins them, and the Geneto – El Rosario 
line.
2021 for the José María Oriol 
substation, its incoming and outgoing 
feeder lines, as well as the line that 
connects to the Los Arenales substation
North - East 
 
Caparacena – Baza - Ribina 
 
 
Beniferri - La Eliana 
 
Leones
 
Lousame – Tibo – Mazaricos
 
 
Caletillas – El Rosario 
 
 
 
Oriol 
 
Axis
2020 objectives  
and actions
Year forecasted  
for commissioning
Continued on next page >>

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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Development of the transmission grid in 2020 / continued
The purpose of the project is to build a 132 kV underground and submarine transmission line to link  
the islands of Lanzarote and Fuerteventura, thereby strengthening the inter-island transmission grid.
Facilitate the evacuation of Special Regime energies.
Bolster the electricity supply for the Bilbao-Vitoria-San Sebastián railway network by enlarging  
the Hernani substation (Gipuzkoa) with the commissioning of two new 400 kV substation bays. 
Guarantee the electricity supply in the southern area of Lanzarote and strengthen the connection with 
Fuerteventura. These measures, associated with the 132 kV submarine interconnection cable between  
Lanzarote and Fuerteventura, will provide Lanzarote's electricity system with higher levels of security of supply. 
Its purpose is the construction of the 132 kV underground-submarine transmission line to link up the islands 
of Ibiza and Formentera in order to make the Balearic Islands system more robust and to improve the 
management of generation.
To bolster the electricity supply for the city of Tacna (Peru) and its area of influence in the event 
of a possible outage of the 220 kV Moquegua-Los Héroes transmission line, the SEIN link to the south.
Strengthen existing energy transmission in the south of Peru, especially in the areas 
of Cusco and Puno.
Improve power distribution and voltage profiles, strengthen the electricity system in the north of Chile  
to help power the mining companies in the area and in the Antofagasta Region.
Improve power distribution and voltage profiles, strengthen the electricity system in the north  
of Chile to help power the mining companies in the area and in the Antofagasta Region. 
 
Integration into the National Electricity System in Chile of the largest solar photovoltaic plant in the country  
by connecting it to the Centinela Substation.
2022 
In service in 2020.
In service in 2020. 
 
2020 for the Tías substation and its 
incoming and outgoing feeder lines,  
and 2022for the Tías – Playa Blanca line.
2024 
 
In commercial operation in 2020. 
2022 
2021 
2023 
 
 
2022
Lanzarote – Fuerteventura 
link 
El Escobar
Supplying power for ADIF  
and rail transport in the 
Basque Country
Tías – Playa Banca 
 
Ibiza – Formentera 
link 
Montalvo –Los Héroes 
Tintaya – Azángaro 
Centinela substation 
Enlargement of the  
Centinela substation and 
sectioning of the 2x220 kV  
El Cobre - Esperanza line
Connection of the Sierra 
Gorda Solar Photovoltaic 
Plant
Axis
2020 objectives  
and actions
Year forecasted  
for commissioning

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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
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OF REPORTING 
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1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Peninsular and non-peninsular transmission grids
Kilometres of line circuit / Data as at 31 December 2020 (1)
	
2018	
2019	
2020
km of 400 kV line 	
21,727	
21,738	
21,753
km of 220 kV line	
19,736	
19,853	
19,887
km of 150-132-110 kV line	
636	
697	
753
km of <110 kV line	
2,075	
2,067	
2,079
Total km of line circuit	
44,173	
44,356	
44,471
400 kV substation bays	
1,498	
1,535	
1,556
220 kV substation bays	
3,264	
3,352	
3,381
150-132-110 kV substation bays	
130	
151	
164
<110 kV substation bays	
906	
925	
956
Total substation bays	
5,798	
5,963	
6,057
Transformer capacity (MVA)	
91,130	
92,465	
93,545
(1) Provisional data pending audit - in progress.
	
Spanish peninsula	
Balearic Islands	
Canary Islands	
Total
Overhead lines (km)	
40,180	
1,113	
1,235	
42,528
Submarine cable (km)	
265	
582	
30	
877
Underground cable (km)	
565	
206	
296	
1,067
Total	
41,010	
1,901	
1,561	
44,471
(1) Provisional data pending audit - in progress.
(1)

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STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Maintenance of 
the transmission grid
The mission of Red Eléctrica de España is to 
guarantee that the facilities of the transmission 
grid are always in optimum condition, in terms of 
availability and reliability, through the application 
of sustainable, efficient and safe maintenance 
policies. To do this, the Company annually 
establishes a maintenance programme, which 
includes all the activities and resources necessary 
to guarantee the security and continuity of the 
electricity supply. 
Noteworthy maintenance  
actions in 2020
Deployment of the new asset management model in the Company, both in the central 
head office and in the regional offices. The entire new process and algorithms defined 
have been validated, and the correct functioning of the platform has been verified.  
All this has been done by taking a holistic approach for the optimisation of the 
planning in 2021, based on the new asset management strategies.
The use of drones for the inspection of lines, which, as has been verified during 
the inspections carried out, will result in improvements in terms of occupational 
health and safety as it will not be necessary to climb the towers, as well as making  
the inspections more efficient and with better results in terms of the quality  
of the data obtained.
Work on all IT applications related to the vegetation cycle has been carried out  
and work simulation pilot projects have been conducted in several regional areas. 
As a result, works for 2021 have been approved on 1,600 electricity line spans where 
vegetation is growing beneath the line.
Identification of new potential uses for this technology, such as monitoring  
changes in the terrain caused by ocean currents or identifying marine  
earthquakes
Implementation of the comprehensive asset monitoring system (SIMON), with the  
aim of integrating data processing and real-time visualisation of the status and 
condition of substation equipment, which enables the early detection of potential 
faults by the Centre for Comprehensive Maintenance of Facilities (CMI2).
Implementation of the remote maintenance system of equipment with the  
consequent reduction of CO₂ emissions in work-related travel and an increased 
efficiency in resolving both system faults and incidents.
MANINT  
 
 
 
Use of remote-controlled 
drones 
 
 
VEGETA 
 
 
 
DAS Technology 
 
 
SIMON 
 
 
Remote maintenance  
of equipment

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2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Service quality
103-1 / 103-2 / 103-3 / EU28 / EU29
The service quality indicators highlight for 
yet another year the high level of reliability of 
supply provided by the facilities of Red Eléctrica 
de España, being well within the benchmark 
established in the current legislation.
Service quality indicators
	
2018	
2019	
2020
Peninsular transmission grid
Grid availability (%)	
98.14	
97.94	
98.54
Energy Not Supplied (ENS) (MWh)	
250	
46	
83
Average Interruption Time (AIT) (minutes)	
0.518	
0.098	
0.185
Balearic islands transmission grid
Grid availability (%)	
96.82	
96.87	
98.64
Energy Not Supplied (ENS) (MWh)	
37	
1	
5
Average Interruption Time (AIT) (minutes)	
3.194	
0.089	
0.496
Canary islands transmission grid
Grid availability (%)	
98.79	
98.91	
99.17
Energy Not Supplied (ENS) (MWh)	
63	
2,626	
65
Average Interruption Time (AIT) (minutes)	
3.769	
155.540	
4.275
(1) Provisional data pending audit - in progress.
(1)
The service 
quality 
indicators 
highlight the 
high level of 
reliability and 
security of 
supply provided 
by the facilities 
of Red  
Eléctrica.

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2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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6.3
Integration of 
renewable energy
Key indicators 
in 2020
• 59,4 GW of installed 
renewable power capacity  
in the national electricity 
system.
• 45.5% of energy production 
from renewable sources in the 
mainland electricity system.
• 18% of energy production 
from renewable sources in 
the Canary Islands electricity 
system.
• 7% of energy production  
from renewable sources  
in the Balearic Islands 
electricity system.
2020 milestones
• New all-time record highs 
for instantaneous power, 
hourly energy, daily energy, 
coverage of instantaneous 
demand and coverage  
of the monthly demand with 
photovoltaic production.
• New all-time record highs 
for instantaneous power, 
hourly energy and coverage 
of the monthly demand  
with wind energy production 
in the mainland electricity 
system.
• All-time lows in the 
production of energy from 
coal-fired power stations.
Challenges  
for 2021
• Construction works 
of the Chira-Soria 
pumped-storage 
hydroelectric power 
station are scheduled 
to begin once the 
Environmental 
Impact Assessment  
is completed and 
the corresponding 
permits are issued  
by the Government 
of the Canary Islands.

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CORPORATE  
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4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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as a result of the 2017 renewable auctions  
carried out by the Ministry of Ecological  
Transition and the Demographic Challenge 
(MITERD). In 2019, installed renewable power 
capacity in the Spanish electricity system 
increased by 6.8 GW. Similarly, in 2020, the 
installed renewable power capacity increased by 
an additional 4 GW, bringing the total installed 
renewable power capacity in the Spanish 
electricity system to 59.4 GW, which represents 
53.8% of the overall installed power capacity 
nationwide. The integration of this new renewable 
power capacity, mostly wind and photovoltaic, 
entails a strong boost to the energy transition  
The core mission of the operation of the  
electricity system is to guarantee the security  
and quality of the electricity supply, maximising 
the integration of renewable energy, with the 
aim of contributing to the provision of a safe, 
efficient and sustainable electricity supply  
to citizens.
Integration of renewable 
energy
In recent years, Red Eléctrica de España has 
successfully taken on the challenge of integrating 
a large amount of new renewable capacity,  
The efforts made 
by Red Eléctrica de 
España to integrate 
renewable energy 
into the Spanish 
electricity system 
have made it 
possible to reach 
a total of 59.4 GW 
of installed power 
capacity coming 
from renewable 
energy sources, 
53.8% of the 
overall installed 
power capacity 
nationwide.
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
 Hydro       Wind       Solar photovoltaic       Solar thermal       Other renewables  (1)
(1) Includes biogas, biomass, geothermal, marine hydro, wind-hydro and renewable waste-to-energy generation.
60,000
50,000
40,000
30,000
20,000
10,000
0
Evolution of installed renewable power capacity / MW /

165
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The work carried out by CECRE in 2020 has  
made it possible to repeatedly record new 
all-time highs throughout the year regarding 
instantaneous power, hourly energy, daily energy, 
instantaneous demand coverage and monthly 
demand coverage with photovoltaic generation, 
as well as new all-time highs with wind energy 
and control tasks undertaken by the Control 
Centre of Renewable Energy (CECRE) of the Red 
Eléctrica Group is key. 
and compliance with the integration path set  
out in the Integrated National Energy and Climate 
Plan, with a 2030 horizon.
To facilitate the integration of renewable  
energy, Red Eléctrica de España has made  
all the necessary resources for this process 
available, including the deployment of actions 
from the Company’s System Operation and 
Transmission areas, with the aim of enabling 
access and connection, always in compliance  
with the technical and administrative 
requirements established in the current  
legal system.
Peninsular electricity system
To make the operation of an electricity system 
possible, under safe conditions, with such a high 
penetration of renewable energy, the monitoring 
Record all-time high values
	
Photovoltaic generation	
Wind energy generation
Instantaneous power	
7,282 MW (16/08/2020 at 1:54 p.m.)	
19,588 MW (28/12/2020 at 2:28 p.m.)
Hourly energy	
6,743 MWh (21/06/2020 at 2:00 p.m.)	
19,427 MWh (28/12/2020 at 3:00 p.m.)
Daily energy	
66,346 MWh (21/06/2020)	
397,544 MWh (13/12/2020)
Instantaneous demand coverage	
30.9% (03/05/2020 at 3:46 p.m.)	
75.9% (03/11/2020 at 5:20 a.m.)
Monthly demand coverage	
9.5% (06/2020)	
34.7% (12/2020)
In 2020, electrical energy  
generation from renewable sources 
represented
OF THE TOTAL  
ENERGY  
PRODUCED 
IN THE SPANISH PENINSULAR 
ELECTRICITY SYSTEM
45.5%

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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
with national electricity generation have been 
reduced by more than half, from 77.6 million t CO₂ 
eq. in 2015 to 36.1 million t CO₂ eq. in 2020.
technology with the greatest contribution  
to the total energy production in the peninsular 
electricity system, reaching 27.5%, 22.7%, 28.4% 
and 32.5%, respectively.
The increase in the contribution of renewable 
generation to covering the demand of the 
electricity system entails a decrease in the 
generation of energy from fossil fuels. In this 
regard, it is worth noting the decrease in the 
production of energy from coal-fired power 
stations. The average contribution of these 
facilities has remained below 2% of total energy 
production since April 2020, falling to an all-time 
low of 1% in December the same year.
This fact contributes to the reduction of CO₂ 
emissions and marks a step forward along the 
path to achieving decarbonisation targets. From 
2015 to the present, CO₂ emissions associated 
generation regarding instantaneous power, 
hourly energy and monthly demand coverage.
In line with previous years, the important 
contribution of wind energy generation 
is once again noteworthy, having contributed 
22.5% to the total energy generation mix, which 
ranks this technology second only to nuclear 
among the other generation technologies in 
terms of their contribution to the generation 
mix. Similarly, in the months of January, 
May, November and December, wind was the 
The contribution of wind energy 
generation to the total energy production 
was 22.5%, ranking second in terms of 
its share in the demand coverage.
(1) Includes: hydro, wind, solar photovoltaic, solar thermal, 
other renewable and renewable waste-to-energy 
generation.
2014
2015
2016
2017
2018
2019
2020
Renewable energy  
generation on the  
Spanish peninsula 
/ % / (1)
42.3
36.7
40.4
33.7
40.2
38.9
45.5

167
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THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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In 2020, the production of electricity from 
coal-fired generation reached an all-time low of 
238 GWh, which covered just 5% of the demand, 
this was due to the permanent decommissioning 
of the generation units (G1 and G2) and the 
restriction in the use of the G3 and G4 generation 
units in the Alcudia II thermal power station  
to 1,500 hours/year.
Canary Islands electricity system
The installed wind energy power capacity on the 
Canary Islands has increased over the last year 
from 429 MW to 458 MW, which represents an 
increase of 7%, while generation from renewable 
sources in the Canary Islands generation mix has 
represented 18% of the total, 2% more than in 
2019. This relevant increase in installed renewable 
power capacity on the Canary Islands, wind power 
in particular, has led to a review of the operating 
criteria of its systems, in order to ensure the 
integration of energy under safe conditions for  
the Canary Islands electricity system as a whole.
For the island of El Hierro, an electricity system 
that is particularly relevant due to the Gorona  
del Viento hydro-wind power station, the 
continuous review of its operating criteria has 
enabled it to achieve even higher levels of 
renewable integration. In this regard, in July, the 
integration of renewable into this system reached 
86% for the month, achieving a level of 42% for 
the year as a whole.
mainland to the Balearic archipelago, covering 
29% of the overall demand of the Balearic Islands 
in 2020 and reaching peaks of up to 42% of hourly 
consumption, which has led to savings for the 
Balearic Islands electricity system of around 18% 
and has made it possible for renewable generation 
to cover 18% of the demand.
Balearic Islands electricity system
In application of Order TEC/1172/2018, of 5 
November, which redefines the isolated electricity 
systems of the non-peninsular territory of the 
Balearic Islands and whereby the methodology for 
calculating the purchase price of the demand and 
the sale price of the energy in the dispatching of 
production for the non-peninsular territories was 
modified. Of note is that as of 1 December 2018, 
the two electricity systems of the Balearic Islands 
(Majorca-Menorca and Ibiza-Formentera) became 
one single system.
In June 2020, the new Majorca-Menorca link was 
brought into service. This has made it possible to 
increase the energy transferred from the Spanish 
In 2020, the production  
of electricity 
FROM 
COAL-FIRED  
POWER STATIONS 
has reached  
an all-time low of
OF THE OVERALL TOTAL ELECTRICITY 
GENERATED
2%

168
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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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The new power station will be an infrastructure that 
will serve society on Gran Canaria that will promote its 
progress by strengthening the water-energy binomial 
and will integrate the four functions necessary to 
establish a sustainable and ecological development 
of the island because it stores energy, desalinates 
seawater, uses sustainable electrical energy and also 
supplies electricity to society that is respectul with 
both the socio-economic environment and the natural 
environment. In short, this type of facility, especially in 
isolated or weakly interconnected systems such as the 
Canary Islands, allows progress to be made towards  
a more sustainable and efficient energy model.
Construction works are scheduled to begin  
once the Environmental Impact Assessment  
is completed and the corresponding permits are 
issued by the Government of the Canary Islands.
a large amount of renewable hydro energy and  
its flexibility and frequency regulation capacity,  
it will also be able to meet the objectives that led  
to its design: the integration of renewable energy, 
the security of the system and the guarantee  
of supply.
With an investment in excess of 390 million 
euros, Red Eléctrica’s Chira-Soria pumped-
storage hydroelectric power station will have 
200 megawatts of turbine power capacity, which 
represents around 36% of the peak demand in 
Gran Canaria and 3.2 GWh of energy storage 
capacity, a seawater desalination plant and the 
associated marine construction works, as well as 
the facilities necessary for its connection to the 
transmission grid.
Energy storage
Red Eléctrica de España, pursuant to Law 17/2013, 
is the company responsible for developing energy 
storage projects through pumped-storage 
hydroelectric power stations whose main purpose 
is to guarantee supply, system security and the 
integration of non-manageable renewable energy  
in isolated electricity systems.
Chira-Soria pumped-storage 
hydroelectric power station 
(Gran Canaria)
The Chira-Soria pumped-storage hydroelectric 
power station, designed by Red Eléctrica de España 
and whose construction is scheduled to begin in 
2021 on the island of Gran Canaria, will represent a 
power station capable of maximising the integration 
of renewable energy into the electricity system 
of the Canary Islands. This will be accomplished 
through the use of surplus renewable generation 
that cannot be integrated into the electricity system 
to pump water that is held in a water reservoir 
downstream back up to the upper reservoir so that  
it can be used to generate electricity at a later stage. 
Therefore, it will be possible to use this pumped-
storage hydro capacity at times when there are lower 
levels of generation from other renewable sources, 
and consequently, avoid or reduce the need to use 
non-renewable sources to cover demand.  
The Chira-Soria power station project will go one 
step further as, in addition to its capacity to store  
With an investment in excess of 390 million 
euros, Red Eléctrica’s Chira-Soria pumped-
storage hydroelectric power station will have 
200 megawatts of turbine power capacity, 
which represents around 36% of the peak 
demand in Gran Canaria.

169
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OUR RESPONSE  
TO THE  
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
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1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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In order to adapt the deadlines for the awarding  
of works for this project to the planned start date  
of the works, Red Eléctrica, in the third quarter  
of 2020, proceeded to put out to tender the supply  
and construction of the Seawater Desalination Plant. 
Benefits of the  
Chira-Soria Pumped-
Storage Hydroelectric 
Power Station
Key elements of the Chira-Soria pumped-storage 
hydroelectric power station
	 1	 Seawater intake system
	 2	 Seawater desalination plant (includes pumping station I)
	 3	 Desalinated water channel, 20 km in length
	 4	 Tourist trail built over water channels
	 5	 Desalinated water pumping station II
	 6	 Access tunnel to the power station, 2 km in length
	 7	 Soria reservoir
	 8	 Power station cavern and transformers cavern (includes 
	
	 220 kV substation)
	 9	 Auxiliary services and control building
	10	 220 kV electricity line
	11	 Hydraulic circuit
	12	 Chira reservoir
  Surface elements       
  Underground elements
Increased  
integration  
of renewable 
energy  
thanks to  
the use  
of renewable 
energy  
surpluses 
Reduction of 
Greenhouse 
Gases  
(GHGs) 
Greater  
guarantee  
of supply 
Heightened  
system security 
Improved  
energy  
independence 
and cost  
savings

170
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REPORT 
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Chira-Soria pumped-storage hydroelectric 
power station in figures
4,366 
Jobs created at 
an international 
level
122 M€ 
Savings  
in variable  
generation  
costs
2.7M m³ 
Desalinated water 
produced annually
200 MW 
Turbine power 
capacity
3,518 
Jobs created 
in the Canary 
Islands
1.2 % 
of the Canary 
Islands GDP
MORE THAN
100,000 
hours of  
engineering work
390 M€ 
Planned investment
It is foreseen 
that construction 
work for the 
Chira-Soria 
pumped-storage 
hydroelectric 
power station  
on the island  
of Gran Canaria 
will commence  
in 2021.
Over 20 % 
reduction of CO₂ 
emissions
51 %
Penetration 
of renewable 
energy by 2026
3.2 GWh 
Energy storage 
capacity

171
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OF REPORTING 
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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ENVIRONMENTAL 
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carried out in accordance with the criteria of 
excellence assumed by the Red Eléctrica Group. 
In this regard, the project is managed based on 
the requirements established in the following 
Standards UNE-ISO 21500:2013 Guidance on 
project management and UNE-ISO 10006:2018 
Quality management. Guidelines for quality 
management in projects. AENOR has verified  
the implementation of both systems through  
the corresponding audits, and this is the 
first project a national level to obtain both 
certifications.
Technically, the Chira-Soria Pumped-Storage 
Hydroelectric Power Station project is an 
innovative engineering project that incorporates 
reversible pumped-storage hydro turbine 
units, synchronous machines, electronic power 
converters, hydraulic short-circuit scheme and 
an equipment control system that provides the 
project with greater flexibility and performance.
The inclusion of six power converters and the 
possibility of hydraulic short-circuit operation 
allows the integration of non-manageable 
renewable energy throughout the power station’s 
operating range (-220 MW in pumping mode  
and up to 200 MW in turbine mode).
Another innovative aspect of the power station 
project is the incorporation of sustainability 
criteria as of the earliest design phases. An 
example of this is the design of the main control 
(BIM). The system has been subject to control and 
evaluation by AENOR, being the first organisation 
a national level to obtain the corresponding 
certificate of conformity for this type of activity.
The management of the Chira-Soria Pumped-
Storage Hydroelectric Power Station project is 
Chira-Soria, an innovative project
The design and modelling of the Chira-Soria 
pumped-storage hydroelectric power station  
is carried out using Virtual Design & Construction 
(VDC) technology. This technology uses five 
dimensions, the three spatial, plus time and cost, 
and allows the optimisation of the design and 
construction processes, furthermore it also  
allows improvements to be implemented quickly  
and safely.
From a sustainability point of view, due to the 
virtual modelling technology used, adjustments can 
be made to the design taking into account the true 
on-site requirements, thus enabling the Company 
to reduce the volume of paper used for updated 
printed project documentation. Additionally, the 
use of virtual reality for the design process enables 
the optimal usage of construction site locations 
and allows the geometries of the site to be 
adjusted, integrating them into the landscape and 
minimising the visual impacts of the power station, 
reducing impacts on the environment and on the 
archaeological and ethnological heritage of the 
island of Gran Canaria.
In order to guarantee its design process using 
VDC technology, the Company has implemented 
a management system following the guidelines 
established in the UNE-EN ISO 19650:2019 
Standard Organisation and digitisation of 
information about building and civil engineering 
works including Building Information Modelling 
FIRST COMPANY  
IN SPAIN
With the ISO 19650 certification 
for a major infrastructure  
project and the 
IN ACCORDANCE  
WITH BOTH ISO 21500  
AND ISO 10006
FIRST  
PROJECT 
CERTIFIED

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OUR RESPONSE  
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
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1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Other energy storage projects
With the same objective of incorporating new energy 
storage technologies to integrate renewable energy, 
guarantee the supply and security of the system, 
Red Eléctrica has undertaken relevant projects in 
this field, among which the following are noteworthy:
2020 saw an important regulatory advance 
in this area, as the regulation regarding energy 
storage in the Spanish electricity system has 
come into force, going much further than just 
pumped-storage technology. The Electricity 
Sector Act has incorporated the owners of 
energy storage facilities as market subjects, 
contemplating the possibility, among others,  
that the owners of the transmission grid may  
own this type of facility, also including the 
provisions for the System Operator in Law 
17/2013, of 29 October, to guarantee supply  
and increase competition in the island and  
non-mainland electricity systems. Furthermore, 
from 26 January 2021, energy storage may 
participate in the balancing services managed  
by the system operator.
building in accordance with LEED Platinum 
certification criteria.
This certificate, based on scientific standards, 
rewards the use of sustainable strategies  
in all construction processes of the building, 
from the suitability of the site to the efficiency  
of water and energy use, the selection of 
sustainable materials and the provision  
of indoor environmental quality.
The Red Eléctrica Group promotes energy 
storage as a tool for integrating renewable 
energy and guaranteeing the electricity supply 
and system security.
Click on each of the projects 
for more information
ALISIOS
ALMACENA
OSMOSE

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REPORT 
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ELÉCTRICA GROUP 
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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6.4
Flexibility of the 
electricity system: 
smart grids, demand-
side management and 
electric mobility
Key indicators  
in 2020 
• 4 new smart grid  
projects.
2020 
milestones 
• Quijote Project.
• VoltaiREE 
project.
Challenges 
for 2021 
• Incorporate 
assets to 
establish a smart 
grid as part of the 
Electricity System 
Planning.

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TO THE  
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A BENCHMARK 
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OF REPORTING 
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RED ELÉCTRICA
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2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Transformation 
towards smart grids 
Smart grids, based on digitalisation and 
new technologies, provide solutions that can 
contribute to the better use of existing assets and 
greater efficiency in their management. These 
solutions can contribute to making the energy 
transition possible, while meeting the targets 
regarding energy efficiency, renewables and 
climate change.
The Red Eléctrica Group continues working 
actively on the promotion, development and 
dissemination of initiatives that enable the 
current electricity grid to evolve towards a 
smarter grid that will make the energy transition 
possible. The new energy model is characterised 
by a high presence of renewables and, therefore, 
greater variability in the generation that will 
be balanced through the use of new flexible 
resources in all the elements of the electricity 
system (generation, demand and storage) in 
order to achieve this goal.
The Red Eléctrica Group is 
committed to smart grids that 
incorporate new solutions, 
new assets, and new IT and 
telecommunications technologies 
which, being consumer-centric, 
constitute an interconnected 
grid capable of responding to the 
challenges of the energy transition.
Activities of the 
Group regarding 
smart grids
Advanced  
monitoring and 
control  
Electric vehicle 
Optimised  
management and 
operation  
of assets 
Smart  
meters 
New solutions  
for  
the grid
New  
analytical  
models
 Telecommunica-
tions and  
cyber-security 
Energy  
storage  
Active  
consumer

175
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Main smart grid initiatives in 2020
Quijote
New project that will enable, through the 
scheduling of automatic actions, including the 
automatic reduction of power of the generation 
facilities, to quickly solve possible violations of 
the safety criteria and reduce generation to the 
limit values.
VoltaiREE
Implementation of a new voltage control 
mechanism system and the launching of an 
additional reactive power capacity market, 
which will allow not only the optimisation of the 
control of the system voltage but also enable 
the participating market agents to offer all their 
available reactive capacity resource.
Mantenimiento inteligente
During 2020, the Red Eléctrica Group has 
continued to intensify the adoption of new 
tools and smart maintenance models. Applying 
new digital technologies, advances have been 
made in collecting information from grid 
assets, processing information with Big Data 
techniques and advanced analytics, as well 
as enabling decision-making regarding asset 
maintenance through artificial intelligence-
based maintenance techniques.
Further information on the MANINT and SIMON projects 
is detailed in the ‘Sustainable development of the grid’  
 section of this report. 
Line inspection and diagnosis 
The detection of anomalies in infrastructure is key to 
ensure the adequate maintenance of assets. With the 
aim of introducing greater efficiencies in the detection 
of anomalies in transmission lines, in 2020, the Red 
Eléctrica Group continued to identify and test new tools 
and diagnostic models based on new technologies such 
as the use of drone images or new Artificial Intelligence 
models.
Further information on the DALIA project is detailed in 
the ‘Transformation’ 
 section of this report.
CECOPMU  
(phasor measurement in the control centres)
Advanced monitoring of the electricity system from 
the control centre thanks to a measurement system 
with synchrophasor technology that allows the main 
electrical magnitudes (voltage, intensity and frequency) 
to be monitored, thus providing a real-time vision 
of the state of the electricity system and enabling 
the operation of an electricity system with a greater 
presence of renewable energy.
DLR (Dynamic Line Rating)
Project for real-time monitoring of meteorological 
variables and parameters of high voltage lines, which 
allow the operation of the transmission grid by applying 
the dynamic capacities based on such variables and 
parameters. Several transmission circuits are already 
monitored, and the DLR Platform has been put into 
service, thereby allowing the collection and analysis of 
information from IoT devices that capture the status of 
the circuits in real time.
Incorporation of the elements  
of the new energy model into demand  
coverage for its optimisation. 
Adaptation of the existing model used for the 
calculation of demand coverage in the new energy 
transition, incorporating elements such as: pure 
pumped storage, energy storage, flywheel, demand-
side management, electric vehicles, microgrids and 
self-consumption.
FACTS solutions in the transmission grid
Identification of technological solutions to provide the 
grid with greater flexibility in order to make energy 
transition scenarios possible.
Continued on next page >>

176
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Main smart grid initiatives in 2020 / continued
SIFOV (System for Identification  
of Faults based on Travelling Waves)
This new system enables faults to be located on 
overhead lines with a precision of less than 100m. 
This accuracy has a direct impact on cost and 
time reduction when locating faults compared to 
the fault locators of traditional protections that 
generate errors much greater than kilometres or tens 
of kilometres. In addition, this system provides fault 
location in a few milliseconds, thus allowing it to be also 
used for selective blocking for faults in cables, of  
auto-reclosing function in mixed circuits (overhead 
lines), avoiding increased damage and risk both for the 
system and for people who may be in the vicinity. 
Active electricity  
demand-side management 
Electricity Balancing Services
During 2020, Red Eléctrica de España has 
continued the line of work initiated in 2019 to 
allow the participation of demand and energy 
storage in the balancing services. The process, 
following the approval of the Conditions relating 
to balancing in December 2019, has culminated 
in December 2020 with the necessary adaptation 
of the Operating Procedures in the field of 
scheduling, balancing services, settlement and 
metering. As a result, demand can, from 26 
January 2021, participate in system balancing 
services, also with aggregation via the commercial 
agent. In addition, all related systems and 
processes have been adapted over the course 
of 2020, enabling the participation of these 
resources from the outset.
Similarly, during 2020, the figure of the 
Independent Aggregator was introduced in 
the Electricity Sector Act. In this regard, Red 
Eléctrica de España has set up a working group 
also to enable its participation in the balancing 
services envisaged in the roadmap for the 
Internal Energy Market in Europe (IEM) for the 
year 2022. This process is being addressed, as 
usual, by maintaining a constant dialogue with 
stakeholders, through the corresponding public 
consultations and information communicated in 
various forums.

177
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
the flexibility of the electric vehicle can already 
be offered in balancing services, through a 
commercial agent. Its potential contribution will 
be boosted when the figure of the Independent 
Aggregator is implemented in balancing services, 
as foreseen in the Internal Electricity Market 
roadmap for 2022. 
The electric vehicle, a tool
in non-peninsular systems
The Red Eléctrica Group aims to anticipate the 
future and respond to some of the challenges 
presented by the mass adoption of electric 
vehicles. Specifically, during 2020, the Company 
has continued to collaborate with the Cabildo 
of Lanzarote (Island Council) and the mobility 
operator IBIL to develop a pioneering project on 
the island of Lanzarote that aims to demonstrate 
the contribution of the electric vehicle to the 
operation of isolated electricity systems such as 
the Lanzarote-Fuerteventura system.
Together with IBIL, during 2020, the 
specifications to be met by the pilot charging 
points have been developed and contact has 
been made with infrastructure manufacturers to 
start adapting the chargers to have them both in 
alternating and direct current.
Promoting electric mobility
In addition to replacing fossil fuels with electricity, 
the electric vehicle offers flexibility to the 
electricity system thanks to the ability of users 
to manage the electricity demand for recharging 
their vehicles according to their needs. In this way, 
vehicles can be recharged when electricity prices 
are lower or when users receive notifications from 
the electricity system.
The flexibility that the electric vehicle   
offers is now possible through   
a commercial agent
Balancing services are open to the participation 
of demand and energy storage as of 26 January 
2021, thanks to the regulatory adaptation process 
carried out during 2019 and 2020. In this regard, 
Interruptible load service 
Order IET/2013/2013, of 31 October 2013, 
introduced the incorporation of a new allocation 
mechanism for the interruptible load demand-side 
management service (interruptibility) based on 
an auction procedure. During 2020, no auctions 
for the provision of the Interruptible Load Service 
have been conducted following this framework, 
therefore the service has not had active providers 
in the peninsular system since 1 July 2020.
On the other hand, regarding the electricity 
systems of the non-peninsular territories, the 
providers of the interruptible load service (within 
the framework of Order ITC/2370/2017) provide 
Red Eléctrica with a valuable resource for the 
operation of the electricity systems of these 
territories.
In addition to replacing fossil fuels with 
electricity, the electric vehicle offers 
flexibility to the electricity system thanks 
to the ability of users to manage the 
electricity demand for recharging their 
vehicles according to their needs.

178
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
6.5
Reduction 
of the carbon 
footprint
103-1 / 103-2 / 103-3
Key indicators  
in 2020
• 626,381 t CO₂ eq  
Scope 1 and 2 emissions.  	
• 0.2% SF6 leakage rate.  
• 47% reduction in  
Scope 1 and 2 emissions  
compared to 2015.	
• 79% of electricity  
consumed generated  
from renewable  
sources.
2020 
milestones
• Compliance with 
global reduction 
targets.
• Incorporation of the 
emissions of Red 
Eléctrica Andina, 
Red Eléctrica Chile 
and HISPASAT into 
the greenhouse gas 
(GHG) inventory of 
the Group. 	
Challenges 
for 2021
• Design of  
new emission 
reduction targets 
aligned with the  
aim of limiting 
global warming  
to 1.5°C.
• Definition of a 
new Action Plan 
to combat climate 
change.
Awards and 
recognition
• Inclusion  
in the CDP  
Leadership  
index (A list).

179
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The Red Eléctrica Group maintains a 
firm commitment to reduce the emissions 
associated with the execution of its activities, 
although it is not subject to any applicable 
regulations in this regard.
The emissions reduction targets of the Red 
Eléctrica Group were approved in 2018 by 
the Science Based Target initiative (SBTi) and 
responds to a level of ambition needed to limit 
the increase in global warming to no more  
than 2°C.
 
The commitment set involves reducing Scope 1 
and 2 emissions per MWh transported by 40% 
in 2030, compared to 2015, which in absolute 
terms is equivalent to a 30% reduction in 
emissions for the same year. In addition, a prior 
reduction target was set for 2020 of 10% of 
Scope 1 and 2 emissions compared to 2015.
In 2020, 100% of the targets set have been met 
and the Group has begun to work on defining 
a new commitment to reduce emissions by 
developing a highly ambitious target that is 
focused on achieving climate neutrality and 
is aligned with the United Nations Business 
Ambition for 1.5° C initiative, driven by the 
United Nations and promoted by the UN Global 
Compact and its local networks, which the 
Group joined in 2019. The new targets will be 
published in 2021.
The Red Eléctrica Group 
has achieved a reduction 
of 47% of its Scope 1 
and 2 emissions and is 
working on setting an 
ambitious target aligned 
with limiting global 
warming to 1.5°C.
2015
2016
2017
2018
2019
2020
2030
Greenhouse Gas Emissions 
(Scope 1 & 2) / t CO₂ eq /
1,176,028
823,220
(-30%)
BASE YEAR
TARGET
626,381 
(-47%)
2015
2016
2017
2018
2019
2020
2030
Greenhouse Gas Emissions  
(Scope 1 & 2) / t CO₂ eq/MWh transported /
0.0025
0.0027
(-40%)
(-44%)
BASE YEAR
TARGET
0.0045

180
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Throughout this section, we present the partial 
targets included in the Climate Change Action 
Plan and their degree of fulfilment, as well as the 
main actions carried out in each area of action. 
Calculation of  
the carbon footprint
The Red Eléctrica Group prepares its emissions 
inventory based on the GHG Protocol methodology. 
Since 2013, this inventory has been subject to 
independent review in accordance with the ISAE 
3410 standard. The Independent Assurance Report 
is included in the annexe to this report.
Direct GHG emissions (Scope 1)  / t CO₂ eq /  305-1
(1) Includes REE (Red Eléctrica de España S.A.U.), REC (Red Eléctrica Corporación S.A.), REI (Red Eléctrica Internacional), REINCAN (Red Eléctrica Infraestructuras  
en Canarias), REINTEL (Red Eléctrica Sistemas de Telecomunicaciones) y RETIT (Red Eléctrica y de Telecomunicaciones, Innovación y Tecnología). 
(2) Includes the Company’s subsidiaries in Peru: (REA, REDESUR, TESUR, TESUR 2, TESUR 3, TESUR 4, REDENOR y CCNCM) and the Company’s subsidiaries in  
Chile (RECH, REDENOR, REDENOR 2). 
(3) Mainly, HISPASAT, S.A., and Hispamar Satélites, S.A. (Brazil).
Spain (1)  
Total: 24,470.63 
LATAM (2) 
Total: 170.21 
HISPASAT (3) 
Total: 916.45 
22,214.15  
SF₆ Emissions
0
SF₆ Emissions
-  
546.82  
Use of air conditioning 
8.15  
Use of air conditioning 
630.56  
Use of air conditioning 
345.46  
Auxiliary generating units
45.37  
Auxiliary generating units
93.74  
Auxiliary generating units
1,364.20  
Fleet vehicles
116.70  
Fleet vehicles
47.84  
Fleet vehicles
0  
Heating
0  
Heating
144.31  
Heating

181
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Noteworthy is the progress made by the Company 
in extending the GHG inventory to all the subsidiary 
companies of the Group, which in 2020 also 
includes the emissions of Red Eléctrica Andina 
(REA), Red Eléctrica de Chile (RECH) and HISPASAT.
In addition, the Company has developed 
methodologies for calculating the carbon footprint 
associated with the life cycle of the different 
types of facilities built by Red Eléctrica, the 
application of which facilitates the identification 
of improvements and specific reduction measures 
that can be implemented on a case-by-case basis.
Indirect GHG emissions (Scope 2) (1)  / t CO₂ eq /  305-2
Spain  
Total: 592,385.60 
LATAM 
Total: 8,286.80 
HISPASAT 
Total: 151.57 
307.57  
Associated with the consumption 
of electricity 
190.23  
Associated with the consumption  
of electricity 
151.57  
Associated with the consumption  
of electricity 
592,078.03  
Derived from transmission 
grid losses
8,096.57  
Derived from transmission 
grid losses
-  
Derived from transmission 
grid losses
(1) Scopes similar to those indicated in the table of direct emissions.
Since 2020, the greenhouse gas (GHG) 
inventory includes all the subsidiary 
companies of the Red Eléctrica Group.

182
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Control of SF6 emissions
The main direct emissions derived from the 
activities of the Red Eléctrica Group are those 
of sulphur hexafluoride (SF6). This gas, despite 
its high global warming potential, has enormous 
technical advantages. It is a non-toxic gas that 
allows the distances between the various elements 
of the facilities to be much less, which makes it 
possible for the overall size of the facilities to be 
reduced and, therefore, enable them to be better 
integrated into the environment. 
Indirect GHG emissions (Scope 3) (1)  / t CO₂ eq /  305-3
Spain  
Total: 352,198.58 
LATAM 
Total: 11,454.77 
HISPASAT 
Total: 6,026.30 
349,116.44  
Purchase of goods & services and 
capital goods 
10,805.64  
Purchase of goods & services and 
capital goods 
5,731.28  
Purchase of goods & services and 
capital goods 
1,220.95  
Business travel and  
commuting
354.75  
Business travel and  
commuting
186.66  
Business travel and  
commuting
(1) Scopes similar to those indicated in the table of direct emissions.
Other: energy production, waste, transportation and distribution and leased assets.
1,885.81  
Other
294.38  
Other
108.37  
Other
Specific SF6 reduction target
• Net reduction of SF6 emissions compared to 2015: 20% 
in 2020 and 25% in 2030.
• Maximum cumulative emissions in the period 2016-
2020: 140,000 t de CO₂ eq.
Progress made in 2020 in regard 
to the target 
• 29.8% reduction in SF6 gas emissions compared  
to 2015. 
• 2016-2020 Cumulative emissions: 135,647  t CO₂ eq.
Objectives of the 
Climate Change 
Action Plan

183
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REPORT 
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ELÉCTRICA GROUP 
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
SF6 emissions are associated with small leaks in 
the equipment, leaks during gas decanting and 
accidents or breakdowns that may occur. For Red 
Eléctrica, this is a priority issue and therefore 
Key actions
SF6 Gas inventory
Training 
Replacement  
of switchgear
Improvement in leak 
detection and control
Search for SF6 gas 
alternatives 
it has different courses of action in progress 
aimed at better gas control and the reduction of 
leakages. The most relevant are the following:
Improvement in the procedures for the recording of leaks and the monitoring thereof.
The Company has two legally certified centres that can provide training on SF6 gas handling. 483 employees have been trained since 2013 (444 of them  
have an official SF6 gas handling certificate). 
The Company is working on replacing old equipment with new equipment with lower leakage rates. It is estimated that the renovations carried out in  
the 2015-2020 period have helped avoid a total of 3,165 tCO₂eq per year. 
The efforts made by the Company to reduce the leak detection and intervention times, as well as in the development of more effective leak repair 
methodologies, make it possible for SF6 emissions to be kept at low levels, not exceeding an average emission rate of 0.2%.
The following innovation projects are noteworthy:
• ‘Development of SF6 leak repair methodology in GIS facilities’, which enables the repair of breakdowns/faults in GIS substations without the need to 
disassemble the damaged sections and this significantly speeds up the work.
• ‘Implementation of an SF6 leaked gas capture system in indoor GIS substations’ whose progress in 2020 was significant as a result of having identified 
different compounds with high affinity for SF6 and whose behaviour and effectiveness have begun to be field-tested by means of a pilot project that will be 
carried out in 2021.  
• ‘Graphene-based SF6 sensors’. 
Since 2017, the Company has been working on the various innovation projects that offer alternatives to SF₆ in GIS switchgear (GIS substations). Red Eléctrica 
has acquired two 66 kV cells that use alternative insulating gas and that are installed in mobile generating units in the Canary Islands. During 2021, it is 
foreseen that the works for the connection of one of the units to the transmission grid of the Canary Islands will commence, with the aim of gaining knowledge 
and experience in these new technologies.  
Additionally, work has begun on the study of alternatives to SF6 through the use of AIS switchgear and its application in the insular transmission grid systems.

184
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Red Eléctrica collaborates with the public administration 
and other entities in the search for solutions aimed at 
controlling and reducing these emissions within the 
framework of the voluntary agreement, signed in May 
2015, between the Ministry of Agriculture, Food and 
Environment (currently known as MITERD) and the 
manufacturers and suppliers of electrical equipment 
that use SF6, electricity transmission and distribution 
companies and waste management companies who 
handle this gas and the equipment that contains it,  
for a comprehensive management of the use of SF6  
in the electricity industry that is more respectful  
towards the environment.
Additionally, the Company participates in different 
international working groups focused on exchanging 
best practices regarding the reduction of GHG 
emissions and sharing experiences on alternatives  
to the use of gas.
In 2020, Red Eléctrica continued working in 
collaboration with the public administration and other 
entities in the search for solutions aimed at controlling 
and reducing these emissions within the framework of 
the voluntary agreement for the management of  SF6.
(2)  The rates reflected in the graph are calculated using real data collected 
in the field and include, in addition to leaks as a result of maintenance 
work, the estimated emissions corresponding to the end of the life cycle 
of the equipment. The maximum leakage rate for in-service equipment 
established in the Voluntary Agreement for the management of SF6 signed 
in 2015 is based on the number of years the equipment has been in service. 
This annual rate is fixed at 0.5% for equipment commissioned as of 2008 
(equipment installed prior to 2008 is allowed to have higher leakage rates). 
The low emission rates reflect the enormous effort of the Company in 
improving the management and control of SF6 emissions. Specifically, the 
decline shown in recent years due to the breakdown repair work performed 
since 2018. In addition, during 2019 and 2020, there has been no accident 
that has led to a gas leak.
(1)  The increase in installed gas is mainly due to the 
commissioning of new facilities and the replacement of old 
equipment with SF6 insulated equipment.
2020
2019
2018
2017
2016
2015
2015
2016
2017
2018
2019
2020
Evolution of Red Eléctrica’s  
installed SF6 gas (1) / kg /
SF6 Emission rate (2)  
/ % of emissions over gas installed /
491,165
479,821
462,119
434,566
421,666
373,806
0.37
0.30
0.26
0.35
0.19
0.20

185
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Efficiency in electricity consumption
One of the pillars of the climate change 
commitments of the Company is to undertake 
energy efficiency at all levels. There are different 
projects aimed at reducing the consumption of 
electricity in the different facilities of the Company.
Electricity consumption reduction 
targets (with respect to 2015 as  
the base year)
• Reduction of emissions associated with electricity 
consumption: 85% in 2020 and 90% in 2030.
• Reduction of electricity consumption in work centres: 
10% in 2020 and 30% in 2030.
Progress made in 2020 in regard to 
the targets 
• Reduction of emissions associated with electricity 
consumption in work centres: 94%.
• 22.6% Reduction in electricity consumption in work 
centres in 2020 compared to 2015.
Note: Work centres of REA, RECH and HISPASAT companies are not included in the 
target. Note on the effect of COVID-19: In absolute terms, there is a net reduction 
in electricity consumption at work centres linked to the fact they have been used 
less. However, this reduction has been lower than would be expected, given that 
the application of certain hygiene measures, mainly associated with the use of 
HVAC systems and the ventilation of buildings, implies an increase in electricity 
consumption. On the other hand, it cannot be considered an impact associated with 
COVID 19 regarding the control centres, which represent the largest proportion of 
the Company’s electricity consumption, which have operated normally and have 
even been reinforced with a third centre during the pandemic.
Buildings
• Energy management system 
certified under the ISO 50001:2001 
standard in the buildings of the 
Head Office and the Campus Red 
Eléctrica.
• Buildings with reduced energy 
consumption. The buildings in 
which the control centre (CECORE) 
and the technology company, 
Elewit, are located, include a 
system that helps maximise the 
available geothermal energy and 
have construction measures that 
significantly reduce their electricity 
consumption.
• Efficiency measures in buildings. 
In 2020, the renovation of 2 work 
centres was carried out, integrating 
efficiency measures in lighting, 
HVAC systems, insulation and 
the installation of solar thermal 
energy for domestic hot water. Its 
estimated energy saving is 35,400 
kWh per year.
• Design of the main control 
building of the Chira-Soria 
pumped-storage hydroelectric 
power station in accordance with 
the criteria of LEED Platinum 
certification (US Building Council).
IT Systems
• Renewal of IT equipment 
and systems in accordance 
with maximum efficiency 
criteria. In 2020, a renewal 
of equipment (laptops, 
desktops and data storage 
systems) was carried out, 
representing an estimated 
reduction in annual 
electricity consumption of 
3,416 kWh.
• Application of efficient use 
policies in all end-user IT 
systems. 
• Consolidation of the 
use of collaborative 
communication platforms 
that reduce work-related 
travel or commuting.  
This aspect has been 
especially relevant in 
2020, due to the COVID-19 
pandemic.
• Migration to and intensive 
use of virtual servers 
(since 2015), which 
improve energy efficiency 
if compared to physical 
servers.
Substations
• Rationalising the use 
of lighting: Since 2017, 
work is underway to 
improve remote lighting 
control systems with the 
aim of controlling and 
switching off the exterior/
outdoor lighting during 
night-time periods and 
that they switch on only 
when it is necessary. 
In 2020, these lighting 
control systems have been 
implemented in 22 new 
substations, which means 
an additional estimated 
saving in electricity 
consumption of 336,134 
kWh per year. There are 
currently 426 substations 
whose night-time lighting 
only works when it is 
necessary, representing an 
estimated annual saving of 
10,050,655 kWh.
Energy efficiency measures
Climate change action 
plan targets

186
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Use of renewable energy
Red Eléctrica, in addition to having a key role 
in the integration of renewable energy into 
the Spanish electricity system as a whole, is 
committed to the use of renewables to cover 
the electricity consumption of its facilities. 
The majority of the electricity supply contracts 
signed by the Company for its operations and 
activities are for green energy or with a guarantee 
of renewable origin, representing 79% of the 
electricity consumed in 2020. The remaining 
consumption corresponds to work centres that 
are under a rental/lease contract or that do not 
have an electricity connection, whereby they 
Solar photovoltaic 
installation at the 
Arganda control 
centre(HISPASAT)
In 2020, the project was designed for the 
installation of a solar photovoltaic plant at the 
Arganda control centre (HISPASAT). The use of 
100% of the energy generated will be for self-
consumption, without generating surpluses. 
The expected coverage is 26.5% of the annual 
electricity consumption needs of this satellite 
control centre.
79% of the electrical energy consumed 
in the Red Eléctrica Group comes from 
renewable sources (green energy or with 
a guarantee of origin (GoO)).
are directly fed by the transmission grid. At the 
moment, the work centres in LATAM (which have 
been included in the report in 2020) do not have 
this type of contract.
Regarding the use of renewable energy for self-
consumption in work centres, headway is being 
made in the progressive incorporation of solar 
thermal energy installations for domestic hot 
water and three buildings have HVAC installations 
based on geothermal energy.
It should be noted that, during 2020, a technical, 
regulatory and economic feasibility study 
has been carried out for the incorporation of 
photovoltaic energy in corporate head offices 
and other work centres. In 2021, the focus will be 
placed on the buildings that have been identified 
as appropriate to incorporate this type of 
photovoltaic facilities.

187
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Sustainable mobility
The Red Eléctrica Group is working on the 
optimisation of work-related travel and in the 
reduction of the emissions associated with them. 
The Company has a Sustainable Mobility Plan 
in place in order to incorporate a new culture of 
mobility within the Company. Among the most 
important measures developed in recent years, 
noteworthy are the following:
∫ Efficient management of fleet vehicles. The 
Company is committed to using the best 
technologies currently available (100% of the 
new vehicles incorporated into the fleet are 
either hybrid, plug-in hybrid or electric cars) and 
to optimize their use through the application 
of CARS (Agile, Responsible and Safe Driving 
System), which facilitates the use of efficient 
routes and promotes responsible driving. Since 
2015 Red Eléctrica has maintained the ‘Ecological 
Fleet Accreditation’ in its ‘Master’ category (the 
most demanding one) received from the Fleet 
Managers Association (AEGFA) and the Institute 
for Diversification and Energy Saving (IDAE). 
∫ Measures to optimise work-related travel, through 
the incorporation of sustainability criteria in the 
Company’s work-related travel policy. Of note is 
the implementation of a corporate fleet of electric 
vehicles for commuting during the working 
day, prioritisation of the use of efficient taxis 
and improvements in communication tools to 
Sustainable mobility targets   
(with respect to 2015 as  
the base year)
• Reduction of emissions associated with the use 
of Red Eléctrica’s vehicles: 30% in 2020 and 
50% in 2030.
• Reduction of emissions associated with work-
related travel using motor vehicles: 20% in 2020 
and 40% in 2030.
Progress made in 2020 in regard 
to the targets 
• Reduction of emissions associated with the use 
of Red Eléctrica’s vehicles: 35.7%.
• 80% Reduction of emissions associated with 
work-related travel using motor vehicles.
Note: the situation arising from COVID-19 has led to a moderate decrease in 
the use of motor vehicles owing to reduced activity, although in relation to 
meeting the target, it should be noted that a 22.5% reduction in emissions 
had already been achieved in 2019 (use of Red Eléctrica vehicles). In the 
case of business trips, the decrease in the number of trips has been very 
significant. However,  it should be noted that the reduction target had 
already been met in 2019 (48% reduction in emissions from work-related 
travel made in motor vehicles).
ENERGY RATING
HAVE AN ENERGY RATING OF ‘A’.
72 %
Climate change 
action plan targets  
Of the group’s fleet of vehicles  
(including passenger cars, 4x4s,  
vans, car-derived vans, trucks,  
shared leasing, management vehicles  
and pool of electric vehicles)

188
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
reduce the need for travel (video conferences and 
platforms for remote access). The latter have been 
decisive in facing the situation derived from the 
pandemic in 2020.
∫ Rationalising the use of private vehicles in the 
daily commute to work centres. The Company 
has a Company bus service and shuttle services 
connecting the office with various locations. The 
transport pass is included among the options 
of the benefit in kind for employees and the use 
of car-sharing is promoted. Additionally, the 
Company has various electric vehicle charging 
points on their premises for use by employees.
Carbon footprint 
in the supply chain
The emissions associated with the supply chain  
are those that have the greatest impact on the 
indirect emissions of the Company (Scope 3). In 
2019, a Collaboration Program with suppliers was 
launched was launched seeking to achieve the 
following main objectives: 
∫ Involve suppliers in the commitment of the  
Red Eléctrica Group, providing appropriate 
guidelines in order to promote changes in their 
management and promoting collaboration.
∫ Integrate more direct information in the 
calculation of Scope 3 emissions, to improve  
their analysis and monitoring.
∫ Be willing to establish ambitious commitments 
for the reduction of Scope 3 emissions.
To date, 23 of the Company’s most relevant 
suppliers, who together represent around 47% 
of the emissions in the supply chain, have joined 
the programme. Thanks to this collaboration, 
participants provide annual information on their 
emissions, thus making it possible to improve the 
Group’s emissions inventory.
Furthermore, each of the suppliers has been 
qualified with a level of maturity in the area 
of climate change, which allows, in addition 
to making a general diagnosis of the supply 
chain, the deployment of different and specific 
development and collaboration programmes 
depending on the characteristics of each 
supplier. Work carried out in 2020 has focused 
on the calculation and verification of Scope 1 
and 2 emissions, the calculation of Scope 3 
emissions and the establishment of ambitious 
reduction targets, holding training workshops 
on these topics in which 14 suppliers have 
participated. 
Offsetting of emissions
In addition to the measures aimed at reducing 
emissions, and with the goal of minimising the 
carbon footprint of the Red Eléctrica Group as 
much as possible, specific actions have been 
implemented to offset emissions.
Evolution of suppliers  
partaking in the collaboration 
programme    
/ % /
Scope 1 and 2 
Scope 3 
SBTi targets
2019
2020
2019
2020
2019
2020
100
80
60
40
20
0
100
80
60
40
20
0
100
75
50
25
0
  Calculated (not verified)      
  Verified
  Committed      
  Verified
38.8
13.0
4.3
17.4
8.7
13.0
30.4
13.0
56.5
43.7
65.2
52.2

189
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The ‘Red Eléctrica Forest’ project is detailed in the 
Conservation of Natural Capital 
 section of this 
report and is carried out by the Company to help 
offset part of its emissions.
On the other hand, and for the eighth consecutive 
year, the company has acquired carbon credits from 
the voluntary carbon market to offset emissions 
derived from the daily commutes of its employees to 
their respective work centres. In 2020, 2,700 VCUs 
(Verified Carbon Units) have been purchased in 
accordance with the VCS (Verified Carbon Standard) 
and CCB (Climate, Community & Biodiversity) 
Standard associated with the Madre de Dios 
Amazon REDD project aimed at the reforestation 
and avoiding deforestation in Peru.
These credits have offset all the emissions 
generated in the daily commutes of the Company’s 
employees (very reduced due to the particular 
situation of 2020) and the emissions associated 
with the use of fleet vehicles and shared leasing 
vehicles (included in Scope 1) of the entire Group, 
as well as those linked to the holding of the 2020 
General Shareholders’ Meeting via remote means. 
The remaining credits will be used to offset other 
Company events during 2021 
Transmission grid losses 
103-1 / 103-2 / 103-3 / EU12
The emissions associated with energy losses in 
the transmission grid are accounted for within 
the emissions of Scope 2, as indicated by the 
GHG Protocol. These are calculated taking into 
account the energy dissipated in the form of 
heat by electricity lines in the transmission grid 
(transmission grid losses) and the emission factor 
of the energy mix (calculated by Red Eléctrica 
according to the amount of energy generated 
by the different technologies). None of these 
variables are under the direct control of Red 
Eléctrica de España, although it should be noted 
that increased efforts to integrate more renewable 
energy into the energy mix results in a lower 
emission factor and therefore a greater reduction 
in emissions associated with losses.
In 2020, 
2,700 VCUs 
were acquired 
to offset 
emissions 
derived from the 
daily commutes 
of employees 
and from the 
fleet and shared 
leasing vehicles.

190
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The transmission of electricity inevitably leads 
to energy losses in the grid. This means that, to 
satisfy a given final consumption, a slightly higher 
level of generation is required. 
Several factors generate losses: the Joule  
effect, 
 the corona effect and the own 
consumption of the electricity substations 
necessary for their correct operation. Of these, the 
most relevant, without a doubt, is the Joule effect, 
associated with the flow of current through the 
conductors.
Red Eléctrica de España works to improve the 
aspects that depend on its management and that 
can have an influence on the reduction of these 
losses. Among them, the following actions are 
noteworthy: 
∫ Development and meshing of the transmission 
grid.
∫ Increase in the number of conductors per circuit.
∫ Use of technologies and systems that offer the 
best performance.
∫ Maintenance of the facilities in the best conditions 
to ensure their proper functioning.
The first two measures seek to create parallel 
routes in order to allow a given intensity to flow, 
which in turn results in lower resistance and, 
therefore, reduced losses. However, all these 
improvements have a minor impact on the 
evolution of energy losses while other aspects not 
controlled by Red Eléctrica have proven to have a 
greater overall impact on this aspect.
Increased losses are mainly due to the following: 
distances between generation and consumption 
points (losses increase notably when there are 
significant distances), the amount of energy 
demanded in the year, the electricity generation 
mix, international energy exchanges and the 
shape of the demand curve. In the case of the 
Spanish electricity system, the increase in losses 
is usually related to the share of renewables in 
the energy mix (as this type of generation is not 
usually close to the consumption points). 
The  
behaviour  
of the  
demand 
Size of  
the transmission  
grid
Generation mix
International  
electricity  
exchanges
Voltage  
levels
Distance  
between  
generation and  
consumption  
points  
(main factor)
FACTORS 
THAT AFFECT  
TRANSMISSION  
GRID LOSSES

191
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
The electricity generation structure depends 
on the rules of the electricity market, regulated 
by an independent body. The function of 
Red Eléctrica de España, as operator of the 
electrical system, is carried out in accordance 
with specific and mandatory operating 
procedures. In accordance with these 
procedures, it is not possible to operate the 
electricity system based on loss reduction 
criteria, so the Company has little capacity to 
act in relation to said reduction.
2015
2016
2017
2018
2019
2020
RED 
ELÉCTRICA
ANDINA
RED 
ELÉCTRICA
CHILE
Transmission grid losses with  
regard to the demand  
in Spain / % /
Transmission  
grid losses in  
infrastructure managed  
and operated in LATAM  
/ % /
1.50
1.64
1.67
0.69
0.6
1.57
1.54
1.55
Note: The increase in the % of these losses is mainly related to the increase in 
the share of renewables in the energy mix on the Spanish Peninsula, which has 
increased to 45.5% in 2020 compared to 38.8% registered in 2019.

192
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Carbon footprint 
indicators
Fuel consumption / 302-1	
	
	
	
	
	
	
	
	
	
	
	
                               / litres /
	
2015	
2016	
2017	
2018	
2019	
2020
Diesel (1)	
450,752	
712,853	
567,942	
462,169	
443,251	
409,252
Petrol (1)	
23,799	
49,768	
52,124	
201,470	
250,643	
246,415
Gasohol (1)	
	
	
	
	
	
1,278
Biodiesel (1)	
121	
0	
0	
0	
0	
0
LPG Autogas (1)	
33	
0	
0	
0	
0	
0
Auxiliary diesel generating units (2)	
5,061	
3,452	
1,212	
3,476	
2,472	
243,124
Heating oil (3)	
	
	
	
	
50,282
REA, RECH and HISPASAT consumptions are included in 2020.  
(1) Includes fuel consumed by fleet vehicles and shared leasing.  
(2) The data provided up until 2019 corresponded to the refuelling of diesel oil for the auxiliary generating units in the year indicated. In 2020, there has been a change in methodology: the data reflects the total fuel consumed in the year.  
(3) This type of fuel is only consumed at HISPASAT facilities in Spain. 
• REE (Red Eléctrica de España S.A.U.)
• REC (Red Eléctrica Corporación S.A.)
• REI (Red Eléctrica Internacional)
• REINCAN (Red Eléctrica infraestructuras  
en Canarias)
KEY TO THE COMPANIES INCLUDED (scope of the data)
• REINTEL (Red Eléctrica infraestructuras  
de Telecomunicación)
• RETIT (Red Eléctrica y de Telecomunicaciones, 
Innovación y Tecnología)
• REA (Red Eléctrica Andina)
• RECH (Red Eléctrica de Chile)
• HISPASAT

193
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Electricity consumption / 302-1	
	
	
	
	
	
	
	
	
	
	
                               / kWh /
	
2015	
2016	
2017	
2018	
2019	
2020
Total 	
16,169,682	
15,540,936	
15,177,175	
14,583,566	
14,051,381	
18,254,864
Note. Includes the consumption of the Head Office, the electricity control centres (centres that operate 24/7 and have a high energy consumption) and the work centres (Regional offices and maintenance centres). Since 2016, 
consumption of electric vehicles is included. As of 2018, data includes the electricity consumption of telecommunications shelters (REINTEL’s activity).  
In 2019, 87% of the electrical energy consumed came from renewable origin. This percentage dropped slightly in 2020, to 79%, due to the incorporation into the inventory of facilities in LATAM, which at the moment do not have  
a renewable energy supply contract.
Total energy consumption (1) / 302-1
	
2015	
2016	
2017	
2018	
2019	
2020
Total energy consumption (joules)	
7.59 ∫  1013	
8.41 ∫  1013	
7.75 ∫  1013	
7.66 ∫  1013	
7.56 ∫  1013	
10 ∫  1013
Total energy consumption (kWh)	
21,024,947	
23,283,480	
21,445,765	
21,184,281	
20,905,365	
27,693,250
Note. 1 kWh = 36 ∫ 105 joules; 1 litre of diesel fuel = 37 ∫ 106 joules; 1 litre of gasoline = 34 ∫ 106 joules, 1 litre of gas oil = 37 ∫ 106 joules; 1 litre of biodiesel = 32,79 ∫ 106 joules; 1 litre of LPG = 25,7 ∫ 106 joules.
(1) Total energy consumption = Total energy consumption (joules) + Total energy consumption (kWh). 
(2) The increase is linked to the incorporation of the companies REA, RECH and HISPASAT and to the change in the methodology for calculating the diesel consumption of auxiliary diesel generating units.
In 2020, 52% of the direct energy consumed has been from renewable sources. In 2020, 52% of the direct energy consumed came from renewable origin.
Indirect energy consumption. Electrical energy / 302-1
	
2015	
2016	
2017	
2018	
2019	
2020
Transmission grid losses (MWh) (1)	
3,943,023	
4,339,590	
4,112,547	
4,202,825	
4,088,490	
4,190,759
Transmission grid losses (joules)	
1.42 ∫  1016	
1.56 ∫  1016	
1.48 ∫  1016	
1.51 ∫  1016	
1.47 ∫  1016	
1.51 ∫  1016
Note. The data reflected in this table includes the losses in the peninsular system and those of the Balearic Islands and Canary Islands systems. 2020 includes the energy losses of the facilities in Peru (REA) and Chile (RECH), which 
have amounted to 33,519 MWh.
(1) Variations in transmission grid loss values are mainly related to generation and demand characteristics for each year (generation mix - distance between generation points in relation to consumption points - international 
exchanges, total demand and the shape of the demand curve). These factors depend on the electricity market and cannot be controlled by Red Eléctrica de España. However, the Company is working to identify and improve those 
areas where it could have an influence.

194
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
External energy consumption. Internal logistics  / 302-2
	
2015	
2016	
2017	
2018	
2019	
2020
Fuel consumption (litres) 	
238,240	
196,973	
210,870	
208,065	
194,558	
149,437
Fuel consumption (joules) 	
8.82 ∫  1012	
7.29 ∫  1012	
7.80 ∫  1012	
7.69 ∫  1012	
7.19 ∫  1012	
5.53 ∫  1012
Applies to REE and REINTEL activities 
Note 1. This fuel consumption corresponds to the transportation of materials between the Company’s various facilities (internal logistics). Does not include other types of transportation of materials or people. 
Note 2. 1 litre of gas oil  = 37•106 joules
Energy intensity / 302-3	
	
	
	
	
	
	
	
	
	
	
             
	
2015	
2016	
2017	
2018	
2019	
2020
Electricity consumption per employee in Head office (kWh/employee) (1)	
7,126	
6,763	
6,421	
6,180	
5,645	
5,630
Transmission grid losses – peninsular and insular systems (MWh/MWh transported) (%) (2)	
1.503	
1.642	
1.538	
1.566	
1.548	
1.667
Average consumption of vehicles for logistical use (external) (litres/100 km) 	
26.6	
26.4	
24.6	
24.3	
22.8	
21.0
(1) For the calculation, all personnel working in the Head Offices -Moraleja and Albatros- (employees of the Group, interns, temporary workers and collaborators) are taken into account. 
(2) The percentage indicated corresponds to the energy dissipated in losses with respect to total demand. 
Reductions in electricity consumption / 302-4
	
	
	
	
kWh/per year	
	 oules/per year
Efficiency measures in work centres: (lighting, HVAC systems, insulation of work centres, installation of solar thermal energy for domestic hot water).	
	
35,400	
	
1.3 ∫  1011
Efficiency measures in electricity substations: switching off of night-time lighting.	
	
	
	
336,135	
	
1.2 ∫  1012
Efficiency measures in computer IT equipment: renewal of desktops and laptops, data storage systems.	
	
	
	
3,416	
	
1.2 ∫  1010
Note. The estimated annual reductions derived from the measures carried out in 2019 have been included.

195
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Direct GHG emissions (Scope 1) (1) / 305-1	
/ t CO₂ eq. /
	
2015	
2016	
2017	
2018	
2019	
2020
SF6 (2)	
31,651	
28,770	
26,453	
36,921	
21,289	
22,214
HVAC systems 	
840	
610	
709	
545	
450	
1,185
Fleet vehicles	
2,124	
1,898	
1,556	
1,604	
1,646	
1,529
Auxiliary diesel generating units	
182	
222	
275	
202	
229	
485
Heating	
	
	
	
	
	
144
Total direct emissions	
34,797	
31,499	
28,994	
39,272	
23,614	
25,557
In 2020, REA, RECH and HISPASAT emissions are included for the first time, representing a total of 1,087 t CO₂ eq. (No recalculation of the base year has been performed). 
(1) The calculation of emissions is performed from an operational control perspective. The information on the inventory scope and methodology is available on the REE corporate website. The inventory was submitted  
to independent review in accordance with ISAE 3410. 
(2) Taking GWP (Global Warming Potential) at 100 years: 22,800 (Source IPCC, Intergovernmental Panel on Climate Change: 4th assessment report). 
Indirect GHG emissions from the generation of energy (Scope 2) (1) / 305-2	
/ t CO₂ eq. /
	
2015	
2016	
2017	
2018	
2019	
2020
Associated with electricity consumption (2)	
5,441	
1,664	
946	
801	
587	
649
Derived from transmission grid losses (3) 	
1,135,791	
1,044,416	
1,162,865	
1,009,953	
780,865	
600,175
Total indirect emissions 	
1,141,232	
1,046,080	
1,163,812	
1,010,754	
781,452	
600,824
In 2020, REA, RECH and HISPASAT emissions are included for the first time. (No recalculation of the base year has been performed). 
(1) The calculation of emissions is performed from an operational control perspective. The information on the inventory scope and methodology is available on the REE corporate website. The inventory was submitted to independent 
review in accordance with ISAE 3410. 
(2) Emissions are calculated under the “market based” approach, applying the emission factors associated with the market agents that supply the electricity. The emissions calculated under the “location-based” approach would 
total 602,705 t CO₂ eq.
(3) The emissions associated with the transmission grid losses, in the same way as for the emissions associated with the consumption of electricity, do not occur during the activities of Red Eléctrica de España as they take place  
at the various electricity generation points. The calculation of these emissions is calculated not only taking into account the emission factors corresponding to each system (Spanish mainland, Balearic Islands or Canary Islands), 
which are calculated by Red Eléctrica de España based on the annual generation balance, but also the emission factors corresponding to each country (taking as a reference the value provided by the IEA for Peru and the value 
published by the National Energy Commission in Chile). The decrease in emissions in 2020, despite having included the emissions of new companies, is due to several reasons. The most relevant is the decrease in the average 
peninsular emission factor (0.165 t CO₂/MWh in 2019 and 0.123 t CO₂/MWh in 2020), which mainly reflects the drastic reduction in the share of coal-fired power stations in the energy mix (reduction of 55%), the decrease in the 
participation of combined cycle (reduction of 25%) and the 6.6% increase in the share of renewable energy in the generation mix (mainly photovoltaic which increased its share by 68%).

196
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Other indirect emissions of greenhouse gases (Scope 3)  / 305-3	
/ t CO₂ eq. /
	
2015	
2016	
2017	
2018	
2019	
2020
Purchase of goods and services (1)	
304,596	
249,584	
295,787	
242,648	
246,917	
202,819
Capital goods	
312,797	
195,804	
1,785,809	
155,671	
319,486	
162,834
Energy production (not included in Scope 1 and 2)	
1,092	
674	
517	
431	
462	
709
Waste	
96	
91	
134	
96	
62	
217
Transportation and logistics (2)	
1,416	
1,594	
2,288	
1,110	
2,090	
1,178
Work-related travel (3) (4)	
1,421	
1,399	
1,487	
1,394	
1,441	
649
Commuting (4) 	
2,894	
2,926	
3,918	
3,895	
4,545	
1,114
Leased assets 	
117	
82	
0	
33	
33	
184
Investments (5)	
	
	
	
	
	
10,622
Total indirect emissions (Scope 3)	
624,430	
452,153	
2,089,939	
405,278	
575,036	
380,326
In 2020, REA, RECH and HISPASAT emissions are included for the first time. (No recalculation of the base year has been performed). 
The calculation of emissions is performed from an operational control perspective. The information on the inventory scope and methodology is available on the REE corporate website. The inventory was submitted  
to independent review in accordance with ISAE 3410. 
(1) For the correct interpretation of the data, it is necessary to consider that the emissions associated with the purchase of goods and services depend on the characteristics of the specific goods and services purchased  
each year (which entail different carbon emission intensities) and the financial amount earmarked for these purchases.
(2) Corresponds to the emissions associated with internal logistics and other emissions related to the transportation of materials.
(3) Includes trips made by train, plane, own vehicle, rental vehicle and taxi.
(4) The data reflects the situation derived from the COVID-19 pandemic, which entailed a drastic reduction in work-related travel and a situation in which teleworking has predominated.
(5) Incorporates the emissions associated with the Group’s shareholding participation in the following companies: Transmisora Eléctrica del Norte S.A, Argo Energia Empreendimentos e Participações S.A. and Hisdesat Servicios 
Estratégicos, S.A.

197
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
www.ree.es/en
Greenhouse gas emissions intensity / 305-4	
	
	
	
	
                           
	
2015	
2016	
2017	
2018	
2019	
2020
Emission of SF₆/installed SF₆ (%)	
0.37	
0.30	
0.26	
0.35	
0.19	
0.20
Emissions from fleet vehicles (kg of CO₂/km) (1)	
0.27	
0.16	
0.14	
0.15	
0.16	
0.15
Emissions (Scope 1 and 2)/revenue (t CO₂/million euros) (2) (4)	
645	
597	
654	
540	
415	
315
Emissions /revenue (t CO₂/million euros) (3) (4)	
22.1	
18.4	
16.4	
20.6	
12.47	
13.20
Emissions (Scope 1 and 2)/energy transported (t CO₂/GWh) (5)	
4.5	
4.1	
4.5	
3.9	
3.0	
2.5
(1) Fleet vehicles + shared leasing (does not include management vehicles).
(2) Emissions of Scope 1 and 2 (including transmission grid losses).
(3) Emissions of Scope 1 + emissions of electricity consumption. Red Eléctrica considers it relevant to monitor this indicator, without including the transmission grid losses.
(4) The emissions and revenue as of 2018 include the activities of the REINTEL subsidiary. The data for 2020 also includes data regarding REA, RECH and HISPASAT.
(5) Emissions of Scope 1 and 2 (including transmission grid losses). The total energy transported corresponds to the annual demand as measured at power station busbars (the point where it leaves the power station) and it covers 
the Spanish mainland, Balearic Islands and Canary Islands systems, and also the energy fed into the REA’s and RECH’s infrastructure. 
Reduction of greenhouse gas emissions (GHG) / 305-5	
	
	
	
	
                           
Net savings	
	
	
	
	
	
t CO₂ eq.
Emissions savings by contracting electricity with Guarantees of Origin (1)	
	
	
	
	
	
1,880
Reduction of emissions due to improvements in the delivery processes of equipment and materials (internal logistics) (2)	
	
	
	
	
32.6
Annual savings (3)	
	
	
	
	
	 t CO₂ eq. / year
Efficiency measures in work centres: (lighting, HVAC systems, insulation of work centres, installation of solar thermal energy for domestic hot water) (4)	
	
	
	
1.3
Efficiency measures in electricity substations: switching off of night-time lighting (4)	
	
	
	
	
	
41.3
Efficiency measures in IT equipment: renewal of desktops and laptops, data storage systems and improvement in CECOEL IT systems (4)		
	
	
	
0.1
Reduction of SF₆ emissions by replacing old equipment with equipment with lower leakage rates	
	
	
	
	
	
26.3
(1) Electricity with Guarantee of Origin: 0 t CO₂/kwh.
(2)	 Calculated excluding the impact of COVID-19 (the reduction in km done as a result of this situation has not been considered as savings).
(3) Reductions associated with the measures carried out in 2020.
(4)	 Energy efficiency measures do not translate into relevant emissions savings given that a high % of the energy consumed by the Company comes from renewable sources.

198
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Responsible 
value chain
7
The Red Eléctrica Group  
is committed to  
extending its corporate 
responsibility towards all 
stakeholder groups, based  
on transparency, integrity  
and sustainability.

199
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Responsible 
value chain
The Red Eléctrica Group takes on 
the following pledge as one of its 
sustainability priorities: extend our 
commitment to responsibility to 
all links in the value chain, ranging 
from our own people to suppliers 
and customers, accomplishing this 
through the creation of alliances 
and by basing it on our governance 
and integrity model.
Economic results and financial strength
216
Employees
223
Responsible environmental 
management
259
Supply chain
290
Customer orientation
308
Ethics and compliance
200

200
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
7.1
Ethics and 
compliance
102-16 / 102-17 / 103-1 / 103-2 / 103-3
Key indicators  
in 2020 
• 100% of grievances lodged  
with the ethics manager resolved 
within the established time-
frame.
• No company of the Group  
has been investigated or  
convicted of infringements 
related to criminal risks within 
the organisation or for  
non-compliance related  
to criminal risks.
• 100% of grievances related  
to human rights were resolved.
• 53% of employees trained  
in the protection of personal 
data.
2020 milestones 
• Approval of the update of the Code  
of Ethics and Professional Conduct  
of the Red Eléctrica Group.
• Updating of the action guide that  
regulates the management of the  
compliance and whistle-blowing  
channel.
• Certification of the crime prevention  
and anti-bribery compliance system,  
in accordance with the UNE 19601  
standards on crime prevention  
management systems and ISO 37001  
on anti-bribery management systems.
• Implementation of the IT application  
to support the compliance system.
• Improvement of human rights due 
diligence mechanisms.
Challenges for 2021 
• Updating of the Group’s global  
compliance policy and implemen-
tation of the 2021 Communication, 
Awareness and Training Plan for the 
measurement and accreditation  
of the compliance culture.
• Implementation of the new monitoring 
plan for the crime prevention and 
anti-bribery compliance system.
• Review and update of the Guide  
for the prevention of corruption.
• Implementation of the global due  
diligence system regarding  
counterparty integrity.
• Design of measures to prevent  
negative impacts that could lead  
to a violation of human rights.

201
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
commitment of the Group to ethical conduct, 
consolidating a responsible business model that 
ensures the creation of shared value, aligning  
the interests of the organisation with those  
of its stakeholders.
The current edition of the Code of Ethics and 
Professional Conduct of the Red Eléctrica 
Group, approved by the Board of Directors in 
May 2020, responds to the requirements and 
and professional conduct guidelines that are 
undertaken by all the people who make up the 
Company in the performance of their professional 
duties and responsibilities.
Code of Ethics 
and Professional Conduct
The Code of Ethics and Professional Conduct  
of the Red Eléctrica Group aims to formalise the 
Ethics and compliance for the Red Eléctrica 
Group are fundamental pillars for the proper 
functioning of the business activity. The Company 
is dedicated to acting with the utmost integrity 
in the performance of the obligations and 
commitments entrusted to it, as well as in the 
relations it maintains with its stakeholders.
The Red Eléctrica Group has a series of corporate 
conduct rules that establish the ethical values 
Red Eléctrica Group integrity model
CRIME PREVENTION 
AND ANTI-BRIBERY 
COMPLIANCE 
SYSTEM 
CODE OF ETHICS 
AND PROFESSIONAL 
CONDUCT
SUPPLIER CODE  
OF CONDUCT
COMPLIANCE 
SYSTEM
CORRUPTION 
PREVENTION GUIDE: 
ZERO-TOLERANCE

202
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
as well as of the Group’s employees through  
an evaluation survey prepared for this purpose.
The approval of this new edition of the Code 
of Ethics and Professional Conduct has 
been accompanied by internal and external 
communication actions.
Supplier Code of Conduct
The Red Eléctrica Group has a specific code  
of conduct for its suppliers in which it highlights 
the necessity to comply with respect for human 
rights, and compliance with the requirements 
of the environment and occupational health 
and safety by its suppliers in the development 
of products or the procurement of services 
requested by the Company, whether they are 
carried out directly or through other companies. 
As a consequence of the approval of the Code 
of Ethics and Professional Conduct, the Supplier 
Code of Conduct was reviewed and updated in 
2020 to ensure the necessary alignment between 
the two documents.
Detailed information on the Supplier Code  
of Conduct is detailed in the Supply Chain 
 
section of this report.
recommendations on ethics management 
established by the United Nations (UN) (mainly 
through the Sustainable Development Goals, 
the 10 principles of the Global Compact and the 
Universal Declaration of Human Rights and the 
conventions that develop it), the Organisation for 
Economic Co-operation and Development (OECD), 
the International Labour Organisation (ILO) and 
Transparency International, among others.
Revision and updating of the Code  
of Ethics and Professional Conduct
The new version of the Code of Ethics and 
Professional Conduct is structured around  
fifteen principles that have been established 
taking into account the criminal risks associated 
with the activities of the Red Eléctrica Group.  
For each of the aforementioned principles,  
a guide regarding conduct related to or contrary 
to the Code of Ethics and Professional Conduct 
is established, to avoid the creation of situations 
favourable to the commission of a crime. The 
business conduct principles and guidelines are 
structured in three blocks, according to the 
relationship of the Red Eléctrica Group with  
the socio-economic environment, employees  
or the organisation itself.
The Red Eléctrica Group has benefited from  
the participation of Transparency International,  
a reference entity in the field of integrity, during 
the external review process of the new Code, 
The new version of 
the Code of Ethics 
and Professional 
Conduct is 
structured around 
fifteen principles 
that have been 
established taking 
into account the 
criminal risks 
associated with the 
activities of the Red 
Eléctrica Group.

203
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Ethics Manager 
and Stakeholder Ombudsman
To ensure knowledge, application and compliance 
with the Code of Ethics and Professional Conduct, 
the Company appointed Carlos Méndez-Trelles 
García, General Counsel and Secretary of the 
Board of Directors, as Ethics Manager and 
Stakeholder Ombudsman.
Duties and responsibilities of the Ethics Manager
RESOLVE 
enquiries in 
relation to the 
Code of Ethics 
and Professional 
Conduct
DRAFT ACTION PLANS 
to resolve the grievances made and submit them for  
approval by the Chairperson of the Red Eléctrica Group.  
If the grievance is related to any member of the Executive 
Committee or the Board of Directors, it shall be submitted  
to the Chairperson of the Audit Committee or, if appropriate, 
to the Chairperson of the Sustainability Committee, 
depending on the nature of the grievance
DRAFT A PERIODIC 
REPORT 
reviewing the ethics 
management system 
and propose actions  
to improve it
INSTITUTE 
proceedings concerning 
grievances that have 
been submitted in 
relation to the application 
of the Code
The Company has an Ethics Manager and 
Stakeholder Ombudsman to ensure compliance 
with the Code of Ethics and Professional Conduct.

204
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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of a new IT tool that incorporates the functional 
updates of the channel. The compliance and 
whistle-blowing channel is regularly audited and 
guarantees the confidentiality of users.
The Red Eléctrica Group has another channel 
for reporting non-compliance, grievances, 
enquiries and suggestions regarding ethical 
matters through the Dígame service in order to 
provide a reporting channel for requests from 
external stakeholders who are not aware of the 
aforementioned channel. This service will transfer 
to the Ethics Manager the requests received, 
preserving their confidentiality.
Through the compliance and whistle-blowing 
channel, 10 enquiries were submitted to the 
Ethics Manager in 2020, with a maximum 
resolution time of 10 days. The enquiries made 
were related to the following ethical principles:
∫ Prevention of corruption.
∫ Conservation and improvement of the 
environment.
∫ Respect for people and rights at work.
∫ Management of conflicts of interest.
∫ Protection of the confidentiality of information 
and personal data.
During 2020, 3 grievances were received in 
relation to compliance with the Code of Ethics  
and Professional Conduct and were resolved by 
the end of the year. None of the grievances relates 
Compliance and Whistle-blowing
channel
102-17
To promote the application of the Code of Ethics
and Professional Conduct, the Red Eléctrica Group 
has a compliance and whistle-blowing channel, 
available on the corporate website, through  
which queries, grievances or suggestions can  
be submitted to the Ethics Manager.
The Ethics Manager manages the Red Eléctrica 
Group’s compliance and whistle-blowing 
channel in coordination with the Compliance 
area. Its operation is regulated in the channel 
management’s guide, which has been updated  
in 2020 to adapt the channel to the Organic 
Law on Data Protection and Guarantee of Digital 
Rights and the European Directive on protecting 
persons who report breaches of EU law. In 2020, 
work was carried out on the implementation  
COMMUNICATION CHANNELS WITH  
THE ETHICS MANAGER
Compliance and  
whistle-blowing  
channel 
Dígame  
service
The compliance 
and whistle-
blowing channel 
on the corporate 
website enables 
queries, 
grievances or 
suggestions to be 
submitted to the 
Ethics Manager.

205
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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to non-compliance of the organisation regarding 
criminal risk. More detailed information on these 
grievances can be found in the Annual Executive 
Report on the management of the Code of Ethics 
and Professional Conduct 2020, 
 which is 
published as part of the Annexes to this  
report. / 406-1
Compliance system
The Company has a Compliance System  
aligned with best practices, the objective of 
which is to ensure respect for the obligations 
established and commitments undertaken;  
all based on a proactive culture of compliance  
risk management.
The Red Eléctrica Group has a Global 
Compliance Policy approved by the Board of 
Directors, which expresses the organisation’s 
engagement with prevention, detection and 
response measures put in place when faced 
with any alleged conduct that is contrary to legal 
obligations and commitments that are voluntarily 
undertaken by the Company, in accordance with 
the principles and guidelines of the Code of  
Ethics and Professional Conduct.
The Company also has a Compliance area, 
as part of the Internal Audit and Risk Control 
Department, which is responsible for the design, 
development, implementation and monitoring 
of the organisation’s global compliance system, 
Elements of the Compliance System
Objectives of 
the Compliance 
System
Ensure that all Company 
employees are aware 
of and comply with the 
external and internal 
obligations set out in 
the regulations and 
voluntary commitments 
and provide due control 
for their compliance.
Define and develop a 
compliance risk map 
for each of the defined 
regulatory areas.
Systematically identify, 
analyse and assess 
with uniform criteria 
the key controls that 
mitigate compliance 
risks.
Inform the control  
bodies of the Red 
Eléctrica Group of the 
status and evolution  
of compliance in  
each of the defined  
regulatory areas. 
Promote a corporate 
culture based on ethics 
and compliance.
Monitoring and 
reporting model
Training, 
communication  
and awareness
Compliance  
risks
Regulatory  
map
Organisation  
and governance model
Control  
framework
Elements  
of the  
Compliance  
System

206
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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In addition, Red Eléctrica is a member of the 
Spanish Compliance Association (ASCOM), 
whose main objective is to professionalise the 
compliance function in Spain and participates  
in the group of large companies that form part  
of the Forética Transparency, Good Governance 
and Integrity Cluster.
Counterparty integrity 
due diligence
The Red Eléctrica Group’s Global Compliance 
Policy includes among the principles and 
guidelines of the Compliance System the 
establishment of the due diligence measures 
necessary for an adequate selection and 
monitoring of compliance matters regarding 
counterparties, defined as those stakeholders 
Development of 
a compliance culture
Training and awareness are key factors for 
the development of a compliance culture within 
the Group. In this regard, the Company promotes 
adequate awareness and disclosure actions  
to the entire organisation regarding the relevance 
and strategic nature of the Compliance System 
for the Red Eléctrica Group within the corporate 
integrity culture.
Within the commitment of the Red Eléctrica  
Group to ethics and compliance, noteworthy  
is its participation, as a premium member, in the 
Integrity Forum of Transparency International 
España.  
with the objectives of promoting a global and 
proactive vision of compliance risks, and ensuring 
efficient control of these risks, guaranteeing 
the coordination and homogeneity of their 
management in the corporate sphere, improving 
internal control in the Red Eléctrica Group.
Cross-cutting
Integrity and ethics management
∫
Criminal law
Specific
Protection of personal 
data and information
∫
Corporate  
governance
∫
Economic-Financial
∫
Labour law
∫
Industrial and 
intellectual property
∫
Prevention of 
corruption and conflicts  
of interest
∫
Tax
Occupational  
Health & Safety
∫
Comprehensive 
corporate security
∫
Transparency in the 
markets
∫
Insurance
∫
Environment
∫
Procurement
∫
Due diligence  
regarding 
counterparties
Regulatory scope
The Red Eléctrica Group continuously 
promotes a culture based on ethics and 
compliance, as a fundamental element  
of due diligence in the management  
of compliance risks.

207
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Further information is detailed in the Supply  
Chain 
 section of this report.
Crime prevention and anti-bribery 
compliance system
The Red Eléctrica Group has a crime prevention 
and anti-bribery compliance system whose 
purpose is to identify the rules, procedures  
and tools established in the Group to avoid non-
compliance with legal regulations with criminal 
relevance applicable to the Company and its 
personnel. The management and prevention  
of criminal risks that may affect it in accordance 
with its activity and business sector is thus 
incorporated into the due control exercised  
by the Red Eléctrica Group.
integrity. As an additional measure, the ‘Risk 
Center Screening and Monitoring’ tool of Dow 
Jones has been implemented as a support 
instrument, through which enquiries can be  
made regarding entities or individuals concerning 
non-compliance, illegal conduct or sanctions  
that may impact integrity.
The practical application of this model has 
focused on the supply chain, where actions have 
been carried out to ensure that the Company’s 
relations with its suppliers are governed by 
integrity and transparency, key elements  
for maintaining the trust and reputation  
of the Group’s companies among its stakeholders. 
with whom it maintains or intends to maintain 
business relations of any nature.
The counterparty due diligence model seeks  
to promote the highest ethical and compliance 
standards, the respect for legislation and 
regulations in force in the field of integrity, 
as well as promoting a culture of compliance 
based on the principle of zero-tolerance for 
unlawful acts.
In 2020, the Red Eléctrica Group designed  
a global due diligence system for  
counterparty integrity, to establish the  
criteria and measures necessary to provide  
the Red Eléctrica Group with an adequate 
selection and monitoring of counterparty 
The global due diligence system for 
counterparty integrity enables the 
assessment of the risks to which the 
Company is exposed to, in order to mitigate 
them through the establishment of 
appropriate control measures.

208
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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within its remit, has had free access to the 
documentation necessary to carry out its work 
and has had the cooperation of the various 
management areas of the Group to perform  
its functions.
Monitoring of the Crime 
Prevention and Anti-bribery 
Compliance System
During 2020, the design of Crime Prevention  
and Anti-bribery Compliance System Monitoring 
Plan was completed, which includes the activities 
independent, and reports to the Board  
of Directors, through the Audit Committee,  
on the activities carried out by the same,  
as well as on the adequacy and effectiveness  
of the crime prevention and anti-bribery 
compliance system.
In 2020, no company of the Group was 
investigated or convicted of infringements 
related to criminal risks within the organisation 
or for non-compliance related to criminal risks. 
The Corporate Crime Prevention Compliance 
Committee has been informed of the matters 
In 2020, the crime prevention and anti-bribery 
compliance system of the parent company of the 
Red Eléctrica Group (Red Eléctrica Corporación) 
and its subsidiary Red Eléctrica de España was 
certified in accordance with UNE 19601 standards 
for crime prevention management systems and 
UNE 37001 for anti-bribery management systems.
Corporate Crime Prevention  
Compliance Committee 
The Corporate Crime Prevention Compliance 
Committee is both self-governing and 
• Internal Audit and Risk Control Management Area.
• Legal Services Area.
• Human Resources Area.
In addition, the Ethics Manager reports on the grievances submitted with possible criminal 
implications, maintaining the confidentiality of all information received at all times.
• Ethics Manager and the Stakeholder Ombudsman. 
• Internal Audit and Risk Control Management Area.
• Legal Services Area.
• Human Resources Area.
• Risk Control, Compliance and Quality Department.
• Supervise the effectiveness of the 
Corporate Crime Prevention and 
Compliance System.
• Promote a culture of ethics and 
compliance.
• Investigate grievances that 
fall within the Corporate Crime 
Prevention and Compliance System.
• Prepare an annual report on the 
monitoring and effectiveness of 
the Corporate Crime Prevention 
and Compliance System, to be 
submitted to the Board of Directors.
• Interlocutor with the judicial/legal 
authorities. 
The following areas 
REPORT TO IT
KEY
Functions
Members
Corporate Crime  
Prevention  
and Compliance  
Committee

209
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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The Red Eléctrica Group has a Guide for the 
Prevention of Corruption: zero-tolerance, 
approved by the Board of Directors in 2015, which 
develops the corporate values and professional 
conduct guidelines contained in the Code  
of Ethics related to the main manifestations  
of corruption.
In 2020, in accordance with the behavioural 
guidelines set out in the Code of Ethics 
and Professional Conduct, which prohibits 
contributions to political parties or organisations, 
there were no donations, grants or loans to 
political parties made on behalf of the Group.
Furthermore, there have been no allegations 
of possible corruption, nor have any of the 
companies of the Group been investigated or 
convicted by any court of law for non-compliance 
related to corruption.
In addition, since 2018, the Red Eléctrica Group 
has published a Guide for the management 
of conflicts of interest in order to fulfil the 
commitments undertaken in the Code of Ethics 
and Professional Conduct in this field, to detect 
and prevent potential conflicts of interest that 
may affect the management team. This Guide, 
which is the result of the due diligence of the  
Red Eléctrica Group in matters regarding conflicts  
of interest, incorporates preventive measures  
to minimise the risks in this sphere.
against workers’ rights. The audit work concluded 
that the crime prevention compliance model 
meets adequate standards while maintaining  
a satisfactory level of control over the 9 risks 
under the scope being monitored.
Prevention of corruption 
and conflicts of interest
103-1 / 103-2 / 103-3 / 205-1 / 205-2 / 205-3
The Code of Ethics and the Whistle-blowing 
channel, as a system for the management of 
enquiries and grievances, constitute an effective 
mechanism for the detection and handling of 
possible cases of corruption, fraud and conflict  
of interest.
aimed at overseeing the correct functioning  
of the System and ensuring that the 
information on the levels of crime prevention 
and anti-bribery compliance risk faced by 
the organisation is kept up to date, so that 
those responsible for making decisions on 
the System do so in an informed manner. The 
Plan includes verification activities, monitoring 
and follow-up of the System, the results of 
which are set out in a table of indicators for 
appropriate monitoring.
One of the control objectives included in the 
Monitoring Plan is the oversight of the design 
and implementation of the crime prevention 
and anti-bribery Compliance Map, through the 
identification and assessment of the risks  
and control activities that mitigate these risks,  
as well as the verification of the design and 
operation of the monitoring activities by an 
independent entity.
In 2020, in accordance with best practices, 
external assessment was carried out by an 
international audit firm of recognised prestige, 
regarding the design and effectiveness of the  
key control indicators which help to mitigate  
the 9 priority crime prevention compliance 
risks: public corruption; business corruption; 
defrauding investors; subsidy fraud; fraud 
against the general budgets of the European 
Union; against spatial planning; against natural 
resources and the environment; fires; and 
Code of Ethics and  
Professional Conduct
Compliance and whistle-blowing channel
Guide for  
the Prevention  
of Corruption:  
zero- 
tolerance
Guide for the 
management  
of conflicts  
of interest

210
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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in line with that set out in the Guide. In two  
of the cases, the Consultative Body declared that  
there was no real conflict of interest. However, 
 in one of the cases, the situation externally 
appeared to be a conflict of interest; the 
resolution entailed adopting measures to 
safeguard the Group’s interests. In the other case, 
the existence of a real conflict of interest was 
declared, and its resolution led to the adoption  
of measures to protect the Group’s interests.
Protection of privacy
The Red Eléctrica Group has a Data Protection 
Compliance System, to promote and maintain 
a responsible and proactive attitude in the 
protection of personal data, guaranteeing the 
good governance of such data and preserving  
the trust of stakeholders.
In 2020, the Red Eléctrica Group extended 
the deployment of its Data Protection Compliance 
System to the companies of the Group that are 
not in Europe. With this action, the Company 
is committed to extending its commitment to 
the protection of privacy to all businesses and 
environments in which it is present.
The Company also has a Consultative Body  
on conflicts of interest that is responsible  
for the implementation and proper application  
of the procedure for identifying, managing, 
and resolving conflicts of interest established  
in the aforementioned guide.
In 2020, the Consultative Body processed 
three enquiries regarding conflicts of interest 
submitted by three members of the organisation 
The Data 
Protection 
Compliance 
System of the Red 
Eléctrica Group 
guarantees the 
good governance 
of personal data 
based on current 
legislation.

211
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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Development of the 
privacy culture
Through the annual activity plan of the data 
protection compliance system, Red Eléctrica 
promotes adequate training and awareness 
among its members on the relevance of the data 
protection compliance system within the integrity 
culture of the Company.
response to the individual concerned to exercise 
their right, all in accordance with the Protocol for 
dealing with the General Data Protection Rights  
of the Red Eléctrica Group and the applicable 
privacy regulations.
Lastly, it should be noted that in 2020,  
96 enquiries were received by the Data Protection 
Advisory Body, 90% of which have been closed. 
The Advisory Body regularly monitors these 
enquiries to ensure their correct resolution.
In 2020, the Data Protection Officer did not 
receive any complaints regarding breaches related 
to the protection of personal data and none  
of the Group companies have been investigated 
or convicted of infringements related to privacy 
regulations.
Similarly, a request has been received to exercise 
opposition and erasure (‘right to be forgotten’)  
of the processing of personal data, which was duly 
replied to on time, and the necessary technical 
measures were taken to provide an effective 
Data Protection Governance  
Model
Ensure compliance with current data protection legislation and liaise with the data 
protection advisory body in this area.
Support the proper functioning of the Data Protection Compliance System and  
propose improvements to the System within a legal, technical and organisational  
scope. The areas of Compliance, Legal Services, Comprehensive Corporate Security, 
Information Technology and Human Resources form part of this Advisory body,  
in addition to the role of the DPO itself. 
Deploy the culture of data protection within the Company, connecting the management 
areas with the fulfilment of the regulatory requirements in this field.
Data Protection Officer 
(DPO)
Data Protection 
Advisory Body
Interlocutor  
network
Function
Party responsible 
During 2020
WERE  
RECEIVED
BY THE DATA PROTECTION  
ADVISORY BODY
of which 90 % have been closed
96
ENQUIRIES

212
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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www.ree.es/en
∫ A protocol for managing and dealing with  
the General Data Protection Rights of citizens 
regarding their right to access, rectification, 
erasure, opposition, portability and limitation  
of the processing of personal data.
∫ A protocol for contracting personal data 
processing agents.
During 2020, the training and awareness  
plan regarding privacy continued. Since 2019, 
when the e-learning course on privacy was 
launched, more than one thousand Group 
employees have received training in this area.  
This course forms part of the specific training 
material for new employees joining the Company. 
Proactivity in personal 
data protection
The Red Eléctrica Group has a conscious,  
diligent and proactive attitude towards the 
processing of personal data.
In line with the elements already mentioned,  
the Company has:
∫ A privacy policy that determines aspects  
such how personal data is processed,  
the rights of data owners are guaranteed,  
in addition to ensuring data security.
∫ A specific methodology for risk analysis  
of the processing of personal data, in order 
to assess these risks and establish security 
measures and controls that guarantee the  
rights and freedoms of citizens.
∫ A methodology for identifying, assessing, 
qualifying and responding to security incidents 
related to compliance with data protection 
regulations.
The Red 
Eléctrica Group 
has a conscious, 
diligent and 
proactive 
attitude towards 
privacy in the 
protection of 
personal data.

213
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
development of its activity in all the territories  
in which it operates, with special attention to the 
freedoms and rights of vulnerable groups, such 
as indigenous populations, women, children and 
ethnic minorities, among others, and to promote 
the extension of this respect to its suppliers.
This commitment is formalised in the corporate 
values and in the principles and behavioural 
guidelines established in the Code of Ethics and 
Professional Conduct. Similarly, the Group’s 
Sustainability Policy sets the promotion and 
respect for human rights in the sphere of 
influence of the Group’s companies, acting with 
∫ An internal standard that regulates privacy 
principles by design and by default that 
incorporates in projects, activities and initiatives 
an approach oriented towards the principles  
of risk management and proactive responsibility 
that protects the rights of owners of personal 
data.
∫ A monitoring plan (that is completed on  
a three-year cycle) for the control framework 
of the organisational and legal measures of the 
data protection compliance system.
∫ Biennial internal audits to review the degree  
of the adequacy of the Red Eléctrica Group in 
terms of data protection and compliance with 
the benchmark regulations.
Human rights 
management model
Commitment to human 
rights 
407-1 / 408-1 / 409-1
Respect for human rights is one of the ten 
principles underpinning the Group’s 2030 
Commitment to Sustainability and a key aspect 
considered in decision-making to contribute 
to the achievement of the United Nations 
Sustainable Development Goals.
The Company maintains an explicit and public 
commitment to respect human rights in the 
Commitment
Due  
diligence
Grievance  
mechanisms
Communica-
tion
ELEMENTS OF THE
Human  
Rights 
Management 
Model
OF THE RED 
ELÉCTRICA GROUP
1
3
2
4
Red Eléctrica’s 
commitment  
to human rights 
is reinforced  
by its adherence 
to the ten 
principles of  
the United 
Nations Global 
Compact,  
which enjoy 
universal 
consensus.

214
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
In 2020, the Company carried out a project 
to improve due diligence mechanisms 
regarding the identification and analysis of 
actual or potential negative consequences on 
human rights, specifically those affecting local 
communities in the areas of operation of the Red 
Eléctrica Group. Based on the evaluation of the 
impacts derived from the Company’s relationship 
with its stakeholders, measures will be designed 
to prevent any negative impact that could lead  
to the infringement of human rights in its area  
of influence.
On the other hand, the certification of the  
corporate responsibility management system 
entails auditing all work centres in three-year 
cycles in aspects linked to respect for human 
rights. In 2020, as it was impossible to travel 
to work centres due to the health situation, the 
external audit of the management system has 
been carried out by remote means. In the case  
of the companies in Peru, 100% of the work  
centres were audited via video calls and 
communicated to stakeholders via telephone 
calls in accordance with the standards and 
guidelines certified in the corporate responsibility 
management system.
Noteworthy is that the Company’s activities  
in no way violate the human rights of any 
vulnerable group. Specifically, the activity  
carried out by the Group in Peru and Chile  
has no impact on indigenous populations.
Due diligence process
411-1 / 412-1 / 412-3
Human rights management is addressed  
based on a continuous improvement approach. 
Thus, since 2013, Red Eléctrica has carried out 
periodic due diligence assessments to identify  
the impacts of its activities on human rights.
due diligence, adequately managing the  
impacts of its activity or the activities of those 
with which it has a relationship and establishing 
appropriate mechanisms for compensation/
offsetting measures.
In the undertaking of these commitments,  
the Red Eléctrica Group takes into account  
the internationally recognised principles 
contained in the Universal Declaration on 
Human Rights and the binding provisions of 
the Declaration, the International Covenant 
on Economic, Social and Cultural Rights and 
the regulations of the International Labour 
Organisation.
Similarly, to extend the principles of sustainability 
throughout the supply chain, the Supplier Code  
of Conduct of the Red Eléctrica Group establishes 
the duty of this stakeholder group to respect 
the principles of the Universal Declaration on 
Human Rights and its associated implementing 
conventions. Through the acceptance of the 
general conditions of contract, all suppliers  
of the Company undertake to comply with the 
Code of Conduct, which can be verified by  
carrying out social audits. 
This information is detailed in the Risks and 
impacts on the supply chain 
 section of this 
report.
Since 2013, Red Eléctrica  
has been carrying out
PERIODIC 
EVALUATIONS OF
TO IDENTIFY THE  
HUMAN RIGHTS  
RISKS ASSOCIATED  
WITH ITS  
ACTIVITY
DUE 
DILIGENCE

215
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
100% of the security guards working in the 
Company’s premises have received the mandatory 
training on human rights applicable to security 
companies. / 410-1
Furthermore, it should be noted that the Company 
annually publishes its Report on the Management 
of the Code of Ethics, which includes an analysis 
of the possible grievances received in this matter 
and whose Executive Report is included in the 
Annexes 
 section of this report.
In order to adequately manage stakeholder 
grievances about possible human rights 
violations, the Group has made progress in 
improving the identification of the grievances 
received through its three channels. With this 
information, it has been possible to identify those 
areas regarding human rights with the most 
significant impact due to the Group’s activity.
In 2020, the Red Eléctrica Group received  
a total of five grievances regarding human rights 
violations through the Dígame service. 100%  
of these grievances have been resolved.
Communication 
The Red Eléctrica Group enables its stakeholders 
to partake in the Company’s performance on 
human rights issues through the Sustainability 
Report. In 2020, the Company did not carry out 
any new training activities for its employees  
in the field of human rights. / 412-2. Moreover, 
Grievance mechanisms
The Red Eléctrica Group has a Compliance 
whistle-blowing channel, accessible to all  
its stakeholders, as a formal mechanism  
for responding to enquiries and grievances 
regarding human rights.
Additionally, the Company has other 
communication channels open to its stakeholders, 
where they can share their concerns regarding 
any matter in the area of human rights, such  
as the Dígame service that manages the enquiries 
and suggestions from external stakeholders  
and the ASA channel (Procurement Support  
and Helpdesk) for providing specific attention  
to suppliers.
The Red Eléctrica Group has a Compliance whistle-blowing channel, 
accessible to all its stakeholders, as a formal mechanism for responding 
to enquiries and grievances regarding human rights.

216
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
7.2
Economic results 
and financial 
strength
Key indicators  
in 2020
• 1.74% average cost  
of debt. 
• 5.3 years average 
maturity of financial debt. 
• 18% proportion of 
variable-rate debt. 
• 23% of financing  
based on ESG criteria. 
2020  
milestones 
• Red Eléctrica de España’s 
inaugural green bond  
issue for a total of  
700 million euros.
• Inaugural green bond issue 
of 400 million euros by  
Red Eléctrica Corporación.
• Strengthening of bank 
liquidity by 375 million euros 
during the pandemic.
• ESG bank financing in Peru 
for 30 million US dollars.
Challenges  
for 2021
• Reduction in the 
average cost of debt.
• Consolidation of a 
percentage of ESG 
financing above 25%.

217
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Evolution of  
the financial results 
/ 103-1 / 103-2 / 103-3
For yet another year, the Red Eléctrica Group 
has been able to maintain stable growth. The 
Company has obtained sound financial results 
and has significantly strengthened its main 
financial indicators, maintaining a clear focus 
on operational efficiency and the ongoing 
generation of value.
Financial strategy
/ 103-1 / 103-2 / 103-3
The financial strategy traditionally followed 
by Red Eléctrica is geared towards reflecting 
the nature of the business it carries out while 
adapting to the legislation in force at each 
moment. The Company’s strategic commitment 
to sustainability and digital transformation, 
cross-cutting and with a long-term vision, is also 
present through a responsible and transparent 
management that promotes sustainable and 
innovative sources of financing. 
Sustainable financing 
Since 2019, Red Eléctrica has had a green 
financing framework, 
 through which it issues 
green financial instruments to finance and/or 
refinance projects that promote environmental 
progress. This framework is the result of the 
Company’s commitment, even prior to the 
Key Financial Indicators                                                                                           	
                   / M€ /
	
2019	
2020	
%
Revenue	
2,007.2	
1,985.8	
-1.1%
Gross operating profit (EBITDA) 	
1,583.7	
1,568.5	
-1.0%
Net operating profit (EBIT) 	
1,082.2	
929.0	
-14.2%
Profit before tax 	
714.8	
621.2	
-13.1%
Net profit 	
10,868.4	
10,929.5	
0.6%
Non-current assets 	
3,585.2	
3,492.0	
-2.6%
Operating cash flow after tax 	
1,259.1	
1,232.2	
-2.1%
Total investment 	
1,870.4	
895.0	
-52.1%
Net Financial Debt	
6,038.1	
6,113.3	
1.2%
Economic value generated and distributed  / 201-1 
/ M€ /
618.4 M€
Economic value  
retained
Economic value generated 
Economic value retained
566.8 M€
Shareholders: dividend
467.2 M€
Suppliers (1)
(1) Includes supplier costs, other operating costs and other capital suppliers: net financial costs. 
Note: data included in the Consolidated Annual Accounts.
9.0 M€
Social investment
194.8 M€
Society: tax on earnings
175.9 M€
Employees: personnel costs

218
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
definition of the framework, to the integration 
of environmental, social and good governance 
(ESG) criteria in its financing. 
Red Eléctrica’s green framework is aligned with 
the 2018 Green Principles of the International 
Capital Markets Association and the Loan 
Markets Association. Furthermore, eligible 
projects are aligned with the European Union’s 
draft taxonomy.
The Company’s green financing framework has 
obtained a favourable opinion (Second Party 
Opinion) from the external agency Sustainalytics, 
which has confirmed its reliability and its positive 
impact on the environment.
2018
2019
2020
2017
Evolution of sustainable financing  
in Red Eléctrica
Criteria for  
the eligible 
green projects 
portfolio 
• Projects aimed directly at 
increasing the production of 
renewable energy.
• Projects aimed at integrating 
renewable energy.
• Projects aimed at improving 
the efficiency of the national 
railway system.
Renewable 
energy 
 
Clean 
transport
Eligible  
green  
projects
Category
• First company in 
the utilities sector 
to transform its 
syndicated loan of 
800 million euros 
into sustainable 
financing (green 
financing). The credit 
conditions are linked 
to the Company’s 
credit profile and 
sustainability ratings 
of Vigeo Eiris, an 
international provider 
of ESG research and 
services for investors 
and organisations.
• Reduction in 
the cost of its 
syndicated loan, 
thanks to the 
improvement in 
the rating granted 
by the Vigeo Eiris 
rating agency.
• New long-term 
financing of 375 
million euros 
and 30 million 
US dollars, 
incorporating 
sustainability 
criteria.
• Drafting of the 
green financing 
framework.
• Inaugural green 
bond issue by 
Red Eléctrica for 
an amount of 700 
million euros and 
with a maturity of 
8.5 years. 
• New financial 
transaction in Peru 
for an amount of 30 
million US dollars, 
also incorporating 
sustainability 
parameters.

219
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
In January 2020, Red Eléctrica’s inaugural  
green bond issue was carried for an amount 
of 700 million euros and with a maturity of 
8.5 years. The Group’s efforts to make all its 
financing sustainable continued in 2020 with  
a new financial transaction in Peru for a total  
of 30 million US dollars, which also incorporates 
sustainability criteria.
The Annexes 
 chapter of this report includes 
the first Green Bond Report, with detailed 
information on the financing obtained through 
the green bond issued and the environmental 
impacts associated with green projects. 
Lastly, it should be noted that the reduction 
in the cost of its syndicated loan will remain 
in force until December 2021, as the Group 
has maintained the rating it received in the 
assessment of its sustainability performance  
by Vigeo Eiris in 2020.
Financial debt structure
The transmission of electricity and the  
operation of the electricity system are highly 
capital-intensive activities, wherein investments 
mature over long periods. In addition, the 
remuneration of these assets occurs over long 
periods. Therefore, the financial debt of the 
Company is primarily contracted long-term  
and is referenced mainly at fixed rates.
In January 2020, Red Eléctrica’s  
inaugural green bond issue was carried 
out for a total of 700 million euros.

220
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Net financial debt at the end of 2020 totalled 
6,113 million euros. The average maturity of the 
debt issued at the close of the year was 5.3 years.
The Group’s liquidity position for 2020 is based 
on its robust capacity to generate cash flows, 
supported by undrawn credit facilities. As at 
31 December 2020, the undrawn amount of 
these credit facilities is 1.93 billion euros (1.645 
billion euros long-term and 285 million euros 
short-term). With regard to the classification of 
financial debt according to maturity, short-term 
debt is defined as all debt maturing within twelve 
months as of 31 December 2020. 
Credit rating
Red Eléctrica has been given a long-term 
credit rating of ‘A-’ with a stable outlook by both 
Standard & Poor’s and Fitch a short-term rating 
of ‘A-2’ from S&P and ‘F1’ from Fitch. Standard 
& Poor’s highlighted in its report the stable and 
predictable nature of Red Eléctrica’s revenues 
and its high visibility.
For its part, Fitch bases its rating on the low 
level of risk in the electricity transmission 
business and the growing revenue stream from 
telecommunications activities and international 
investments.
2015 
2016
2017
2018
2019
2020
Evolution of net  
financial debt   / M€ /
Financial debt structure: 
fixed rate vs. variable rate 
/ % /
Financial debt structure: 
short-term vs. long-term  / 
% /
4,906
4,792
4,950
4,683
6,113
6,026
82 %
variable rate
0 %
Short-term 
debt 
18 %
Fixed rate
100 %
Long-term  
debt

221
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Shareholder return
Stock market performance
2020 was also marked, from a stock market 
perspective, by COVID-19. After continuing with 
the trends of the previous year for the first 
few months of the year, equity markets were 
shaken by the pandemic at the end of the first 
quarter of 2020, which caused them to fall 
back to those levels of several years earlier. 
Subsequently, the expansionary monetary 
policies implemented more forcefully by the 
main central banks and the announcements of 
strong support for economic recovery through 
the creation of new incentives and an increase 
in public spending, have made it possible for 
stock market indexes to recover gradually.
This recovery has enabled Wall Street to end 
the year on a positive note, with its main 
indexes setting new all-time highs in the final 
days of 2020. Of note was the 43.6% rise in 
the Nasdaq. Regarding the main European 
markets, these ended the year in the red, with 
noteworthy falls being registered in the British 
FTSE and the Spanish IBEX. The FTSE fell by 
14.3%, possibly affected by the uncertainties 
associated with Brexit and the IBEX 35 index 
led the falls of the major European stock 
markets after losing 15.5% during the year, 
reflecting the serious effects of the pandemic 
on our economy, which is intricately linked to 
the services sector and, especially, tourism. 
The exception among the European indexes 
was the German DAX, which had gains of 3.5% 
for the year as a whole and also ended the year 
at record highs.
The gross dividend proposed 
to the General Shareholders’ 
Meeting for 2020 is 1 euro 
per share,
DIVIDEND YIELD 
MAKING RED ELÉCTRICA’S 
SHARES AMONG THOSE OFFERING 
ONE OF THE MOST ATTRACTIVE 
DIVIDEND YIELDS ON THE 
SPANISH STOCK MARKET
Red Eléctrica has been given a long-term 
credit rating of ‘A-’ with a stable outlook by 
both Standard & Poor’s and Fitch a short-term 
rating of ‘A-2’ from S&P and ‘F1’ from Fitch.

222
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Among the Asian stock markets, the Japanese 
Nikkei gained more than 15%.
In addition to this performance by geography, 
there was a clear differentiation by sector in 2020. 
Investors favoured stocks related to technology 
or pharmaceutical sectors or companies linked 
to renewable energy. On the other hand, sectors 
such as finance or oil and gas suffered severe 
setbacks during the year.
Red Eléctrica’s share price
The Red Eléctrica share performed similarly  
to the Spanish stock market throughout the  
2020 financial year, although its annual fall 
was more moderate. The share set an annual 
maximum price in the first weeks of the year, 
on 19 February it reached 19.74 euros, and the 
minimum occurred in mid-March, coinciding with 
the great setback suffered by the market, on 
12 March, the share set its annual minimum at 
13.105 euros. The closing price for the year was 
16.775 euros, representing a decline of 6.4%  
in 2020 as a whole.
A total of 535.1 million Red Eléctrica shares were 
traded on the Madrid Stock Exchange during the 
year as a whole, 1% more than in the previous 
year and equivalent to 99% of the Company’s 
shares. Purchases made in cash to 8.8823 billion 
euros, 9% lower than in 2019.
 
Distribution of dividends
The gross dividend proposed to the General 
Shareholders’ Meeting for the 2020 financial  
year is 1 euro per share, thus placing Red 
Eléctrica’s shares among those offering one of 
the most attractive dividend yields on the Spanish 
stock market. On 7 January this year, a gross 
interim dividend payout of 0.2727 euros per share 
was made, with 0.7273 euros per share pending 
distribution as part of the gross complementary 
dividend.
JAN 
FEB 
MAR 
APR 
MAY 
JUN 
JUL 
AUG 
SEP 
OCT 
NOV 
DEC
20
18
16
14
12
10
8
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
Share price performance and daily volume
Euros
Nº of shares 
traded
Main stock market  
indicators
	
2019	
2020
Share price (in €)	
 	
    Maximum	
20.37	
19.74
    Minimum	
16.74	
13.105
    Year-end 	
17.925	
16.775
Market capitalisation at   
the close of the year (in M€) 	
9,699	
9,077
Earnings per share  
(EPS) (in €) 	
 1.327	
1.148
Share price/EPS   
(No of times) 	
 13.51	
14.612
Dividend per share (in €)	
 1.0519	
1.00

223
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
7.3
Key indicators 
in 2020 
• 32.67% of women 
in the management 
team. 
• 0.86% of people 
with disabilities. 
• 0.96% overall 
accident severity 
rate. 
• 67hours  
of training per 
employee.
2020 
milestones
• Implementation 
of the women’s 
leadership 
programme.
• Implementation 
of the new talent 
differentiation 
process.
• New learning 
ecosystem  
(Virtual Campus).
Challenges 
for 2021
• Implementation 
of the Sustainable 
People 
Management 
model.
• Deployment 
of the Agile 
methodology.
• New strategy for 
attracting and 
retaining talent. 
Awards and 
recognition 
• 12th position among  
the 20 best companies  
in Europe according  
to the Equileap  
Global Gender  
Equality Report.
• In the Top  
30 Companies with  
best practices in  
Diversity & Inclusion  
by INTRAMA.
Employees

224
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Stability and quality of employment
The 2018-2022 Human Resources Master 
Plan of the Red Eléctrica Group is linked to 
the Company’s strategy and is based on four 
essential principles which are deployed through 
four courses of action, promoting cultural 
transformation, sustainable management 
of diverse and committed talent, employee 
experience and transforming the organisation 
into a healthy workplace that is considered a 
benchmark in this sphere.
The ImpúlsaTE project has continued to deploy 
its functionality, driving the transformation of 
the people management function to add value 
to the Group as a strategic partner of change 
and facilitate the achievement of its objectives 
through its various projects.
In this context, giving continuity to the strategic 
objectives of the Group, the adaptation of 
human capital is promoted to guide the Group’s 
companies to be more digital and efficient, 
highlighting in 2020 the Corporate restructuring 
process, by which 366 people from Red Eléctrica 
de España (REE) have moved to Red Eléctrica 
Corporación, the holding company of the Group, 
in order to provide corporate services to all its 
companies, thus strengthening the independence 
of the role of TSO (REE) and the operational and 
economic optimisation of the organisational 
structure, with a global approach, taking 
advantage of the synergies and knowledge of all 
the companies that make up the Group.
Be a benchmark  
AS A HEALTHY  
WORKPLACE
CULTURAL
Transformation
Sustainable 
management  
OF DIVERSE AND  
COMMITTED TALENT
EMPLOYEE
experience
Cornerstones of the Human Resources Master Plan 2018-2022

225
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
A stable, committed and highly  
qualified team
401-1
As at 31 December 2020, the Red Eléctrica Group 
had a total workforce of 2,051 people. 92.5% of 
the total (1,897) carry out their activity in Spain 
and 7.5% (153) in Latin America.
Distribution of the workforce  
by company
19.1 %
Red Eléctrica Corporación
2.9 %
REINTEL
69 %
Red Eléctrica de España
0.8 %
REINCAN
0.1 %
REDCOR
4.9 %
Red Eléctrica Internacional
9.7 %
HISPASAT
0.9 %
RETIT (Elewit)
Distribution of the Red Eléctrica Group workforce
2,051
employees
Red Eléctrica  
Group
1
2
5
6
Distribution of 
the workforce 
by country
(No. employees) 
 
1. Spain: 1,897 
2. Luxembourg: 1 
3. Colombia: 1 
4. Peru: 74 
5. Brazil: 50 
6. Argentina: 2 
7. Chile: 26
3
4
7
With an average age of 45 years and an 
average length of service of 16 years
27%
73 %

226
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VALUE CREATION  
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The number of people in the Red Eléctrica Group’s 
workforce remained at similar levels in 2020 to the 
previous year, with a decrease of 5 people.
The Red Eléctrica Group offers stable and quality 
employment, it is committed to employability 
and functional mobility as a lever for growth and 
professional development, which is also reflected in 
the low level of overall external turnover.
/ of the total workforce  /
The Red Eléctrica Group 
offers stable, quality 
employment, with a 
commitment to employability 
and functional mobility.
2018
2019
2020
Evolution of the  
workforce of the  
Red Eléctrica Group  
/ No of employees /
1,721
2,056
2,051
Distribution of workforce  
by age and gender 
/ No of employees /
OVER 50
FROM  
30 TO 50
UNDER 30
60
484
52
147
347
(1) Does not include HISPASAT.
961
98 %
Permanent positions 
5 %
Mobility (1) 
0.5 %
Overall external turnover

227
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VALUE CREATION  
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LETTER FROM  
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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Compensation and remuneration 
The Red Eléctrica Group works to consolidate, in all 
the companies of the Group, a remuneration model 
that responds to the following universal principles:
• Internal equality and external competitiveness.
• Coherence with the organisational and 
development model.
• Offering opportunities for salary progression.
• Highlighting superior performance through 
recognition.
• Equal pay for men and women.
 
In this regard, the Red Eléctrica Group continues 
to advance in the model of total compensation, 
which contemplates different elements 
(economic, financial and emotional) and facilitates 
and supports organisational and cultural 
transformation and new ways of working within 
the Company.
With this same approach, the Company has 
recognition programmes linked to the Strategic 
Plan and the development of disruptive and 
innovative ideas that lead to improvements in 
the Group’s processes, contribute to generating 
savings or that represent a new source of income, 
thus promoting the participation of all the Group’s 
professionals.
The Red Eléctrica Group rewards its professionals 
according to principles of equity based on 
the level of responsibility of the position and 
Red Eléctrica Group  
total remuneration model (1)
MASTER  
PLAN
STRATEGIC  
PLAN 
Total  
remuneration
• Financial remuneration
• Other corporate benefits (training, 
coaching, etc.) 
• Work-Life Balance, Workplace  
Safety and Health
• Performance and recognition
• Career development and 
opportunities
ATTRACT  
AND  
RETAIN
Satisfaction 
and 
commitment
Performance 
and  
results
Professional
Business
(1) Based on WorldatWork’s total rewards compensation scheme.

228
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VALUE CREATION  
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
professional experience, and its annual salary 
review processes differentiate according to the 
contribution made during the year and the result 
of achievements, but never on the basis of gender. 
The active monitoring maintained by the Group on 
equal pay between men and women has allowed 
the gross pay gap to be reduced by one percentage 
point this year compared to the previous year.
Furthermore, in order to advance in transparency 
and in compliance with market recommendations 
SALARY GAP
In 2019
In 2020
10.94 %
9.84 %
Remuneration model 
It consists of a part of fixed remuneration within 
broad salary bands that allow for differentiated 
salary recognition and a variable payment  
or extraordinary bonuses that acknowledge  
the most outstanding contributions. In addition, 
non-monetary elements are included, which  
enable the personalised configuration of the 
professional’s remuneration in kind.
During 2020, a results-oriented remuneration 
model has been consolidated, centred on a scheme 
that sets and monitors challenges, based on the 
deployment of the management team’s objectives.
In addition to the above, the Company offers its 
professionals social benefits that are not legally 
required.
This includes an annual variable remuneration 
that values the contribution to the achievement  
of individual objectives related to efficiency, 
quality and other factors such as health and 
safety and sustainability. As part of this model, 
senior management has a deferred variable,  
the purpose of which is to attain maximum 
motivation and commitment to the achievement 
of the Company’s Strategic Plan.
The Company also continues to promote leadership 
objectives, which link variable remuneration to 
the leadership model, as well as to the Company’s 
strategy.
For  
non-managerial 
staff
 
 
 
 
 
 
 
Management 
team
and best practices, it is important to take into 
consideration that the Red Eléctrica Group 
includes the total remuneration concepts and 
payments of its employees in the calculation of 
its gross pay gap, including this year for the first 
time, the concepts of expenses, overtime and 
expatriation allowances.
In the coming years, the Group will continue to 
work and develop actions that will allow it to 
continue to make progress in improving values.

229
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Diversity
103-1 / 103-2 / 103-3
The mission of the Red Eléctrica Group’s 2018-
2022 Comprehensive Diversity Plan is to inspire 
and be a benchmark, both within the Group and 
in the social, work and personal environment, 
through a commitment to diversity of talent, social 
and labour inclusion and non-discrimination, 
addressing stereotypes and cultural barriers. 
Gender Equality and  
Equal Opportunities
Gender equality is one of the vectors included 
in the Comprehensive Diversity Plan. It is in 
keeping with the principles of equal employment 
opportunities, promotion of women into 
positions of responsibility, equal pay for men 
and women, the development of equal-sharing 
of family responsibilities, prevention of moral, 
sexual and gender-based harassment and the 
prevention of gender-based violence. These 
aspects are monitored through indicators that 
allow the progress of the defined objectives to be 
measured.
The percentage of women in the workforce of 
the Red Eléctrica Group was 26.62% in 2020. 
Regarding the number of women in management 
positions, this increased for yet another year, 
reaching 32.67% in 2020 (32.10% in 2019). It 
should be noted that these results almost achieve 
the target set for 2022. In addition, noteworthy 
was the important presence of women on both 
the Executive Committee, with 55.6% women,  
and on the Board of Directors, with 50% female 
Board members.
As for the indicator measuring equal 
opportunities in internal promotion, in 2020, 
this indicator stood at 1.38%, thus exceeding 
the target of 1.20% set for the year. With regard 
to equal training opportunities, this closed the 
year at 0.97%; noteworthy was the participation 
of Red Eléctrica de España in all the editions of 
the PROMOCIONA programme with one female 
manager taking part in 2020.
2018-2022 Comprehensive Diversity Plan 
• Create for employees and the rest of the stakeholder groups a corporate culture 
favourable to diversity.
• Integrate diversity into all the Group’s processes, especially in people management.
• Involve, raise awareness and promote the Group’s mission and focus on diversity 
among collaborators and suppliers.
• Participate with official bodies, academic institutions and other social agents in 
campaigns and projects that enable the Group to be a reference as a social agent 
that contributes to building a more diverse society.
Objectives
The Red 
Eléctrica 
Group has 
employees  
of 15  
different 
nationalities.
• Ensure that at least 35% of the 
management team are women.
• 0% pay gap.
• EFR A+ rating.
• Compliance with 70% of the 
General Law on the Rights of 
Persons with Disabilities in  
Direct Employment.
Commitments

230
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LETTER FROM  
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TO THE  
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
• Celebration of the 2nd Women in REE Week, with daily actions aimed at raising awareness of the 
importance of women in society in general and in organisations in particular, and specifically, on 
the promotion of STEM careers in socially vulnerable adolescents, biases in organisations and the 
role of women in the rural environment, among others.
• Awareness-raising and communication campaigns against gender-based violence and on the 
International LGBTI Day and International Day of Persons with Disabilities.
• Working groups and forums on diversity and inclusion promoted by institutions such as the IE 
Business School, and EJE&CON, Spanish Association of Executives and Board Directors.
• Intergenerational health and well-being project of the Generation & Talent Observatory of the 
European University of Madrid.
• Gender equality and international relations working group of the Real Instituto Elcano.
• Women and Engineering Project, to promote the incorporation of women into STEM university 
degrees (science, technology, engineering and mathematics) with the Royal Academy of 
Engineering.
• Participation in the Woman Forward, Women Action Sustainability (WAS) and Women in a Legal 
World (WLW) conferences.
• Participation in the commemoration of FADEMUR’s International Rural Women’s Day 2020.
Awareness-raising 
activities and 
training
Forums and 
participation in 
external working 
groups
Noteworthy actions promoting  
equality in 2020
Age management 
The Red Eléctrica Group has continued working 
on the Age Management Plan that responds to 
the challenge of the ageing workforce. This Plan 
represents a significant advance in the commitment 
of the Company to generational diversity, as one 
more vector of the Comprehensive Diversity Plan.
In 2020, the Company continued to carry out 
multidisciplinary actions (occupational health and 
2016
2017
2018
2019
2020
Evolution of women on  
the workforce  / % /
23.7
24.4
24.1
25.9
26.6
2016
2017
2018
2019
2020
Note. Scope of the data: REE+REC up until 2016; REE + REC 
+ REINCAN + REI + REINTEL in 2017 and 2018 and the Red 
Eléctrica Group as of 2019.
21.8
28.8
31.8
32.7
24.8
Evolution of women in  
management positions  / % /

231
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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safety, talent and organisation) integrated into 
the employee life cycle, such as the generational 
change-over programme, temporary mobility 
of specific job positions and the analysis and 
planning of staff requirements according to age. 
Similarly, noteworthy is the launching of ‘The 
Value of your Experience’ project, to promote 
the transfer of knowledge from expert people, 
who are close to retirement age, to younger 
employees. The Knowledge Management 
 
subsection of this actual section provides further 
information on this initiative. 
The Red Eléctrica Group participates with other 
entities in generation management projects, 
such as the Generation & Talent Observatory, with 
which it has collaborated on a study regarding the 
well-being of different generational groups.
Inclusion of people 
with disabilities
With regard to compliance with the General 
Law on the Rights of Persons with Disabilities 
(LGD), in 2020, the Group reached an equivalent 
Key actions regarding disability
Employment generation. Acquisition of goods and 
services from Special Employment Centres.
	
Corporate volunteering 
	
Plan familia a support programme that provides 
personalised assisstance to improve the social and labour 
integration of disabled family members of employees of 
the Red Eléctrica Group.
	
Definition of an inclusive recruitment process 
	
 
Corporate website developed with  
accessibility criteria, in accordance with ‘Double A’  
level, according to the Web 2.0 content accessibility 
guidelines of the Web Accessibility Initiative (WAI) of  
the World Wide Web Consortium.
	
	
Support for the Adecco Foundation’s Employment  
for All Programme.
	
	
Plan aflora, programme aimed at supporting  
employees who could be eligible for disability  
certificates.
People with disabilities   
/ % /
	2018	
2019	
2020
	 0.9	
0.9	
0.9
(1) This data corresponds to the Company Red 
Eléctrica de España S.A.U. The General Law on 
the Rights of Persons with Disabilities (LGD) 
applies to companies with 50 employees 
or more. REINTEL complies with the direct 
employment parameter (3.33% of disabled 
persons in the workforce) as well as HISPASAT 
(with 2.05% of people with disabilities in the 
workforce).
(1)

232
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VALUE CREATION  
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
employment of persons with disabilities rate 
of 2.47% in Red Eléctrica de España. Of this 
percentage, 0.86% corresponds to direct 
employment and the rest to the application of 
alternative measures of exceptionality within 
the framework of the LGD. These measures 
encompass the contracting of goods and 
services from Special Employment Centres and 
making donations to entities whose mission is 
the social and labour inclusion of people with 
disabilities, which also provide support to the 
Group in the execution of the actions carried out 
within the annual diversity programme relating to 
disability and in turn contribute to social action. 
Talent management 
103-1 / 103-2 / 103-3 / 404-2
The talent management model aims to attract, 
surface, develop, train, transform and retain 
talent, as well as share knowledge.
Talent Management Model: courses of action 
EMPLOYMENT 
(RECRUITMENT, 
SELECTION 
AND INTERNAL 
MOBILITY)
DEVELOPMENT 
(PROGRAMMES FOR 
PROFESSIONAL 
GROWTH)
TALENT 
DIFFERENTIATION 
(ASSESSMENT OF 
KEY SKILLS AND 
CONTRIBUTION TO THE 
COMPANY)
TRAINING 
(TECHNICAL  
AND SKILLS)
KNOWLEDGE 
MANAGEMENT 
AND LEADERSHIP

233
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VALUE CREATION  
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Attracting, selecting and  
onboarding talent
As a result of the Red Eléctrica Group Transformation 
Project, and under the umbrella of REtaTE and 
Imagina, work has been carried out through the 
ImpúlsaTE initiative to achieve efficiency and 
to centralise the process for the attraction and 
incorporation of talent (recruiting, selecting and 
onboarding) through a single homogeneous tool for 
the entire Red Eléctrica Group. Additionally, a new 
induction plan has been implemented to facilitate 
the integration of new hires and to help improve the 
candidates’ overall experience.
Transformational leadership
In 2020, the Company took a further step to evolve 
towards transformational leadership, defining a 
leadership model that embodies what is expected 
of a leader of the Red Eléctrica Group in terms of 
principles, values and behaviours.
After the model was defined, it was incorporated 
into the management team development plan, 
concentrating efforts on focusing development on 
what each manager needs in order to adopt the 
new model successfully. In 2020, this initiative 
included the execution of informative sessions, 
a 360o feedback process, interviews regarding 
the results after the feedback process, a Red 
Eléctrica Group leader toolkit (guides and content 
platforms) and specific intervention actions both 
at team and individual level. Further information 
on the Transformational Leadership Model is 
detailed in the Transformation: culture, digital and 
technological innovation 
 section of this report.
Sub-processes of the attraction of talent and onboarding process
Attracting talent  
Redesigning the positioning of the Red Eléctrica Group as an employer, with the support of a new corporate 
website for professional careers, with multi-channel job offers and integrations with social networks, 
enhancing the brand and providing an interactive and improved candidate experience.
Recruitment and selection processes 
Enabling a more centralised handling of recruitment and selection processes using a unique tool for the 
entire Group, allowing both internal and external processes to be managed, and improving the internal 
customer (employee) experience and management timescales.
New induction and integration plan 
Providing both new and existing employees with a positive onboarding experience allowing them to learn 
more about the business and familiarise them with their new position within the organisation. This is 
accomplished through a multidimensional programme that includes key information about the Company  
and specific aspects of the position to be occupied by the employee.

234
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Knowledge management 
The Red Eléctrica Group’s knowledge 
management model serves to channel, manage 
and facilitate the generation of new knowledge 
that allows the Company to innovate. In 2020, 
the organisation consolidated the deployment of 
the model by sharing it with employees, including 
those in Red Eléctrica Andina (Peru). 
The knowledge management model includes the 
IMPULSORES - RE AVANZA programme.  
This initiative, geared towards sharing technical 
know-how, aims to enable experts in each area 
to disseminate and share their knowledge and 
experience, encourage debate and the exchange 
of ideas while creating a network of contacts that 
generates new shared expertise. RE AVANZA also 
enables the influence of new technologies on 
the Company’s activity to be analysed and new 
possibilities to be identified.
Another relevant tool is the Value of your 
Experience 
 project, whose main objective 
is to transfer the knowledge, core tasks and 
experience of the experts involved, who at the 
end of the process will take over the roles and 
responsibilities, to ensure the preservation and 
transfer of people’s know-how and to ensure 
optimal performance in change processes. 
LEADS THE ORGANISATION
LEADS PEOPLE
SELF-LEADERSHIP
ACTS AND  
MAKES  
DECISIONS  
BASED  
ON VALUES
Self-leadership: 
maintains a continuous and proactive commitment to self-development, seeking to improve and adapt 
leadership skills to different circumstances. Pursues personal and professional growth as a starting point 
for adding value to others
Leading others: 
by using their leadership skills to positively influence company personnel by instilling in them 
the desire and purpose to contribute to the growth and professional development of others, thus 
increasing their commitment and contribution.
Leads the organisation: 
thinks in terms of global contribution, always focusing on the general interests of the company 
rather than those of a personal nature and organising internal resources in a flexible way, taking into 
consideration the needs of others in order to guarantee that objectives are met.
Leadership model

235
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Training and development / 404-1 
In 2020, the Company continued to consolidate 
the design and optimisation of the training model, 
aligning the contents with the three learning 
levers on which the Red Eléctrica Group Campus 
is based: business knowledge and technical 
training; strategy and leadership; and cultural 
transformation and innovation.
At the same time, the new learning model has 
materialised, which reflects the ImpúlsaTE 
philosophy and is based on the employee 
experience, on the training offered and on a 
new management system, aimed at employees 
becoming the protagonists of their professional 
development and that leaders support them as  
part of their transformational role.
The strategy and standardisation of learning 
  
is a crucial element within the overall talent 
management model. The various training and 
development programmes are grouped into 
four lines: technical training, skills development, 
corporate training and training aimed at  
specific groups. 
In 2020, the Company continued to consolidate 
the training model, aligning the contents with 
the three learning levers on which the Campus 
of the Group is based: business knowledge and 
technical training; strategy and leadership; and 
cultural transformation and innovation.
Red Eléctrica Group training  
in 2020
136,748
Hours  
of training
3,042
Euros  
investment  
in training  
per employee
92%
of the staff  
trained
67
Training  
hours  
per employee
1,889
Number  
of employees  
trained

236
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
• Programme for the IT Systems and Technological 
Innovation Area, recognised by the European Commission 
as a success story due to the definition of professional 
profiles in the field of information technology, aims 
to facilitate professional development, promote the 
development of necessary current and future IT skills and 
drive cultural change.
• Digital training through the ‘Digitall by Campus’ program, 
available in the BeREDy App, where the entire organisation 
has access to tools, content and digital knowledge via 
a gamified training system focused on improving their 
level of digital culture. This program has an impact on the 
promotion of a culture of innovation and on the flexibility 
and adaptation of people and the adoption of ways of 
working.
• TransformaRE Project, linked to the improvement of the 
efficiency of the work carried out in regional areas. 
• Self-development ecosystem, where each employee can 
freely access a different methodology to improve their 
personal and professional performance depending on their 
learning preferences.
• Natural capital. Development of training materials 
and workshops on the Ecosystem Services Valuation 
Methodology for the electricity transmission grid to assess 
the impacts and dependencies of the Group’s activities.
• Training on the Configuration of engineering elements 
for the Substation engineering department, supporting 
the functional transformation of the unit, increasing 
and internalising knowledge in order to cooperate in the 
fulfilment of REtaTE in terms of external cost savings.
• Implementation of the Agile methodology in the 
Procurement and the Human Resources Departments.
Key training actions  
during 2020 
2018
2019
2020
72
2018
2019
2020
Investment in training  
per employee.
Red Eléctrica Group
3,042
72
4,306
67
3,767
Training hours per 
employee.  
Red Eléctrica Group / 404-1

237
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The Red Eléctrica Group Campus
The Campus has consolidated itself as the Company’s 
corporate university. Its mission is to serve as a 
platform for the deployment of the strategy, values 
and culture of the Red Eléctrica Group that facilitates 
the achievement of business objectives, acting as 
a meeting space, and a catalyst for learning and 
for the management of knowledge regarding its 
stakeholders.
The Red Eléctrica Group Campus, whose motto 
(translated into English) is Believe, Create and Grow 
(C3 in Spanish), is structured around institutes with 
the capacity to transform and learn continuously 
through their permanent contact with the Company 
and the global environment:
• Cultural Transformation and Innovation Institute; 
focused on the development of competencies  
to drive transformation. 
• Strategy and Leadership Institute.
• Business Knowledge and Technical Training 
Institute; linked to core business.
In March 2020, the new virtual campus was 
inaugurated as the Group’s learning hub within the 
ImpúlsaTE philosophy.
The Red Eléctrica Group Campus, located in 
the Technological Business Park in Tres Cantos 
(Madrid), represents a significant disruptive 
approach compared with previous internal 
training centres, going from a mainly technical 
approach to a more comprehensive programme. 
Its design has followed the guidelines of the 
CLIP certification tool (Corporate Learning 
Improvement Process) of the European 
Foundation for Management Development 
(EFMD). 
CUSTOMER
focused 
Promotes a thirst 
for  
KNOWLEDGE
Influential  
and in  
permanent  
dialogue  
with 
STAKEHOLDERS
AGILE AND 
ADAPTABLE 
to new  
trends and 
business 
requirements
Passion for  
EXCELLENCE 
AND 
SPECIALISATION
UNIVERSAL, 
OPEN AND 
CROSS-CUTTING 
across the entire 
company
PRINCIPLES
OF TH E  
R E D  E L É CTR ICA 
GR OUP  
CA M P US

238
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Assessment of contribution  
and key skills / 404-3
Since 2018, the Red Eléctrica Group has had an 
assessment model that effectively separates the 
evaluation of contribution and the development of 
key skills, with the aim of increasing its objectivity 
and facilitating the alignment of all employees 
with the Group’s strategy.
In 2020, the 360º feedback model was 
consolidated as a development tool, through 
which employees have been able to use multiple 
sources to learn about the evolution of their 
contribution or their skills.
Similarly worth noting is the implementation 
throughout the Company of a challenge-
based management model, which helps each 
professional to have a clear orientation of their 
work with greater autonomy and flexibility. The 
model favours an assessment of the most 
objective contribution based on results. 
Lastly, as a result of the review and updating 
of the key skills 
 included in the model, 
personal development plans (PDPs) have been 
developed, which are managed by the employees 
themselves. 
The assessment of key skills focuses on 
qualitative aspects through the identification of 
strengths and areas for improvement that must be 
developed, also including a self-assessment, on 
this aspect, made by the employees themselves. 
The result of the assessment of the contribution 
and the key skills will be the basis for making 
decisions regarding talent based on consensual 
data and information, and which are more in line 
with the organisation’s reality during the talent 
differentiation process.
Talent differentiation process
During 2020, this process has been implemented, 
which allows for a differentiation and 
segmentation of people according to their talent, 
i.e., by an equal appreciation of differences in 
their current contribution to the organisation, 
as well as differences in the capabilities they 
possess and exhibit to sustain and improve this 
contribution.
The objectives of this process are:
• To identify those people who bring differential 
value to the organisation, and those who have 
capabilities to enhance said value in the future.
• Identify those people who are not contributing 
adequately to the organisation.
• Make differential and equitable investment 
decisions according to the talent of the people, 
and the influence that this investment can have 
on improving results.
• Develop the ability of managers to differentiate 
talent and make fair decisions on investment in 
people based on relevant evidence of contribution 
and capability. This investment is materialised in 
Variables of the talent  
differentiation model
How the person contributes value through 
their work and the fulfilment of their duties 
and  responsibilities to achieve the strategy and 
sustainability of the business.
Contribution
Appropriate skills, knowledge, motivation and values to sustain 
and enhance contribution differentiating between those relating to 
their current level and role and those relating to a higher level and 
another role.
Capabilities

239
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VALUE CREATION  
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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the implementation of policies and actions that 
seek to improve:  
 
1. The alignment of activity of the people with the  
    Company’s objectives.  
 
2. The capabilities of professionals.  
 
3. The motivation of people.  
As a result of the decisions derived from the 
talent differentiation process, the agreed 
Personal Development Plans will be implemented 
to achieve the established objectives.
Mobility model
The main goal of the internal mobility model is to 
strengthen the capabilities of the employees of the 
Red Eléctrica Group, increasing their versatility and 
employability, in order to respond to the needs of 
the business in the short and medium term.
The Company has already consolidated an 
Internal Mobility Plan integrated into the Talent 
Management Model and the Professional 
Development Model, as well as the use of the 
LinkRED tool, which can be accessed by 100% 
of employees to share their experience and 
interests with regard to the areas of development 
and mobility, showcasing their knowledge and 
expertise, as well as sharing their personal and 
professional interests. 
During 2020, a new project has been developed 
with the aim of transforming the internal mobility 
process in order to manage mobility within the 
Group, in an agile and efficient way, taking into 
account the needs of the organisation and the 
professional development of the employees, thus 
improving their experience.
The main objective of this review of the process 
has been geared towards: 
• Promoting transparency: transparent 
communication.  
 
Objective, flexible and transparent criteria that 
facilitate the understanding of the mobility 
process by the organisational units and 
contribute to the reduction of current barriers.
• Increasing efficiency: reducing response times. 
 
Prioritise mobilities and introduce mechanisms 
and tools that allow a faster response to the 
needs of organisational units and employees.
• Improving the internal customer experience: 
Increased satisfaction during the process of 
both employees and managers.
Internal mobility in 2020
(*): 5% of 
the workforce of the Group in Spain  
(*) With the exception of HISPASAT.

240
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
During 2020, various initiatives were developed 
aimed at the ongoing promotion of internal 
mobility as an element for professional 
development: Interviews conducted regarding the 
interests posted on LinkRED, temporary mobility 
projects, functional exchanges, collaboration with 
international organisations (CORESO, ENTSO-E) 
and the promotion of ‘Muévete y Cuéntalo’ 
intranet space (Be proactive and Share). 
Collaboration with  
the educational sector  
404-2
The training programmes for young graduates 
are proof of the Red Eléctrica Group’s firm 
commitment to society. The objective of these 
programmes is to provide qualified professionals 
with access to the labour market. 
In order to promote the qualification of students 
enrolled in Higher Vocational Training, the Red 
Eléctrica Group has been actively involved 
in setting up a theoretical-practical training 
programme within the Higher Vocational Dual 
Training system for the Advanced Technical 
Expert in Power Stations Degree.
This initiative has the following objectives: 
to have professionals with this qualification 
available for immediate incorporation into 
expert technical maintenance positions, to 
provide the sector with professionals trained 
with Red Eléctrica de España’s expertise and 
know-how and to increase the employability 
of young people for their inclusion into the 
national industrial fabric.
The Red Eléctrica 
Group has 
consolidated 
its Advanced 
Technical Expert 
in Power Stations 
Degree which is 
included in the 
Higher Vocational 
Dual Training 
system in Spain.
In 2020, a group of 11 people took part in the third edition of this programme, which aims  
to leverage and promote new ways of working and cultural transformation in which the Company  
is immersed, through the incorporation of young, diverse, creative and innovative talent.
DescubRE is aimed at talented young university students, who will be part of the Company’s team 
for a year and will be able to develop their skills by collaborating on 11 cross-cutting projects for 
the transformation of the Group. At the same time, they will have the opportunity to complement the 
internship with a 100% online postgraduate degree in English: Master Decision Making and Innovation.
The course started in February 2020. Each participant has an assigned tutor who will work on  
the achievement of objectives and will be the person who will provide guidance and be in charge  
of their development.
Young Talent 
Programme– 
DescubRE

241
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VALUE CREATION  
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ELÉCTRICA GROUP 
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-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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It should be noted that the programme combines 
training at the Integrated Technological Industrial 
Training Centre in León and at the Red Eléctrica 
Group Campus, with work experience in eight 
regional transmission centres of the Company. 
At the beginning of the phase scheduled to be 
held at the Campus of this second edition of this 
degree course, COVID-19 prevention measures 
were adopted, and the programme was rethought, 
moving from a classroom-based format to a format 
that combined e-learning of the theory of the 
subjects with contents, mainly technical and health 
and safety, which form part of our Virtual Campus.
Students from the second edition of this degree 
course graduated in December 2020 with 20 people 
trained, 3 of them women, and it is foreseen that 
the Red Eléctrica Group will incorporate at least  
75% of the students into the workforce in 2021.
Dialogue and transparency
Social climate  
At the beginning of 2020, the overall results  
of the Red Eléctrica Group’s Climate Survey 
conducted in 2019 were communicated to the 
workforce via the intranet, and the management 
team shared the results for each area in  
face-to-face sessions in which constructive 
dialogue was encouraged.
Throughout 2020, work was carried out on 
improvement plans, both those relating to each 
area and those related to Company as a whole.
In addition, two pulse surveys were carried out 
in 2020 to measure the employee experience 
resulting from the situation caused by the 
pandemic.
The results reflect highly positive levels in  
all categories, showing, in general, an excellent 
reception by employees of the decisions and 
measures adopted by the Company during  
the crisis.
Looking ahead to 2021, a new edition of the Climate 
Survey will be carried out and the feasibility of 
the pulse survey model to measure employee 
experience in a specific way will be studied.
RESULTS  
OF THE 2019  
CLIMATE SURVEY
OVERALL 
PARTICIPATION
OVERALL SATISFACTION
89
POINTS
89 %
89
Remote 
working
88
Remote 
working
91
Support  
87
Support  
84
Occupational 
well-being 
81
Occupational 
well-being
84
Policies
82
Policies
63 %
Participation in 
the 1st pulse survey 
(April) 
53 %
Participation in  
the 2nd pulse survey 
(June)

242
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Social dialogue / 102-41 / 402-1 
The Red Eléctrica Group guarantees its employees 
the right to union affiliation, association and 
collective bargaining within the framework of 
existing labour laws and the collective bargaining 
agreement applicable at any given time.
During the first half of 2020, negotiations on the  
1st Collective Bargaining Agreement of Red Eléctrica 
Infraestructuras de Telecomunicación took place. 
These negotiations reached a consensus, and the 
1st Collective Bargaining Agreement came into force 
on 14 September 2020.
Consequently, the relationship with the social 
representation has been marked by the negotiations 
of the new agreement through the Negotiating 
Committee, which was set up for this purpose.
Similarly, during 2020, several meetings of the 
Inter-work Centre Committee of Red Eléctrica de 
España and other committees in which the social 
representation participates were held.
The majority of the workforce of the Group in Spain 
is covered by the collective bargaining agreement, 
excluded from its scope is: the management team 
and the employees who voluntarily and reversibly 
accept the proposal of the management of the 
Company to be excluded from the agreement.
In 2020, 19 grievances (settlement forms and 
lawsuits (1)) on labour practices received through 
formal mechanisms were handled, of which 11 
have been resolved, and 8 are still pending.
Regarding organisational changes, it should 
be noted that they are carried out according to 
current legislation. In this regard, those that entail 
geographical mobility of the workers are carried 
out with thirty days’ notice, both to the worker  
and to the social representation. In all cases, 
a consultation process is conducted.
Committees contemplated  
within the 11 th collective  
bargaining agreement
Occupational Health and  
Safety Committee
Committee on Social Affairs
Professional Classification Committee
Training Committee
Inter-work Centre Committee
Committee for Facilities Personnel 
(transmission grid)
Equality Committee
Geographical Mobility Committee
Joint Committee on Monitoring 
and Interpretation of the Collective 
Bargaining Agreement
COLLECTIVE  
BARGAINING  
AGREEMENT 
Exclusion from the scope of application  
of the collective bargaining agreement
MANAGEMENT  
TEAM
THE REST OF THE 
EMPLOYEES
7.4 %
1.5 %
(1) Administrative procedures are not included.

243
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
As for substantial modifications to employment 
contracts, in the case of changes to a 
specific employee’s contract, these shall be 
communicated fifteen days in advance to 
both the worker concerned and to the social 
representatives. If it concerns company-
wide changes, a consultation period will be 
opened with legal representatives, which 
may be replaced by a mediation or arbitration 
procedure.
Internal communication
The Red Eléctrica Group considers internal 
communication instrumental to Company’s 
mission and goals, involving employees  
in various projects and connecting people,  
thus increasing their pride of belonging. 
This year, internal communication has been 
adapted to the circumstances brought about 
by the COVID-19 crisis in order to respond to the 
needs of a workforce that is working remotely.
Similarly, 2020 was the definitive year to boost 
the role of the management team as a channel 
of communication with their respective teams, 
entailing a closer and more direct one-to-one 
communication to offset the fact that employees 
were not in the office during COVID-19. 
In 2021, these new new ways of communicating 
will continue to be promoted, improving the 
development of two-way communication and 
enhancing existing dialogue channels.
INTERNAL 
COMMUNICATION
In 2020, internal communication  
has been adapted to the circumstances 
brought about by the health crisis
CLOSER AND  
MORE DIRECT
Internal 
communication 
is key to sharing 
objectives, 
engaging 
employees and 
improving the 
working climate, 
thus increasing 
pride of belonging.

244
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Healthy workplace
103-1 / 103-2 / 103-3 / 403-1 / 403-8
The Red Eléctrica Group promotes best practices 
in occupational health and safety and well-being 
through the Healthy Workplace Management Model 
and with the commitment and leadership of the 
management team.
 
The model is deployed through a multi-year plan 
and annual programmes that aim to give continuity 
to the management model through continuous 
improvement and for the consolidation of the 
Red Eléctrica Group as a leading company in best 
practices in the field of occupational health and 
safety and well-being. 
Consultation and participation   
403-2 / 403-3 / 403-4
Red Eléctrica de España has an Occupational 
Health and Safety (OHAS) Committee whose 
composition and functions are set out in Chapter  
7 of the 11th Collective Bargaining Agreement.
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 employees. In addition, the 
Company’s Risk Prevention Service experts  
attend the meetings of this Committee.
The meetings are held quarterly (in accordance 
with Law 31/95 on Occupational Risk Prevention) 
but may also be held whenever requested by any 
of the parties. At these meetings, all preventive 
and health activities are monitored, as well as the 
new applicable legal regulations, the review of 
processes and internal regulations, the analysis 
and monitoring of occupational health and safety 
results and programmes, and the monitoring of 
safety equipment and materials. The minutes of 
these meetings are available to all employees in a 
specific section on the miRED corporate intranet. 
This committee is also aware of the results of the 
internal and external audits carried out and the 
improvement actions implemented.
Healthy Workplace Model 
Principles
COMMUNITY 
ENGAGEMENT
Actions carried out 
by the Company that 
can impact on the 
improvement of the 
health and well-being 
of the families of their 
employees and the 
local communities in 
which the Company’s 
facilities are located.
PSYCHOSOCIAL 
WORK 
ENVIRONMENT
Implement tools 
and resources 
regarding the 
management and 
organisation of 
work that promotes 
the physical and
psychosocial well-
being of employees.
PHYSICAL WORK 
ENVIRONMENT
To provide the 
necessary means to 
carry out the functions 
related to the 
workstations where 
jobs are performed 
ensure the best health 
and safety conditions 
possible.
HEALTH 
RESOURCES
Provide the 
workforce with 
tools to improve 
their state of 
physical and 
mental health, 
contributing to 
their well-being 
and quality of life.

245
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
In 2020, the committee held four meetings, 
fulfilling the planned objectives, but four 
informative meetings were also held at the 
request of the Company’s representatives to 
explain and communicate each of the actions in 
the preventive framework that were being taken  
in relation to COVID-19.
On the other hand, to reinforce employee 
participation, there is an internal communication 
and enquiry channel, specific to this matter, 
through which suggestions, doubts and proposals 
for improvement related to safety are channelled. 
Physical work environment
403-2 / 403-3 / 403-7
For the Red Eléctrica Group, the prevention of 
occupational risks constitutes a differentiating 
element and an indispensable requirement to 
guarantee the health and safety of employees 
and collaborators.
The Red Eléctrica Group has a strategy and a 
specific action plan that promotes best practices 
in the field of occupational health and safety 
risks during the execution of activities and 
work in its facilities. Its objective is to go one 
step further than merely complying with legal 
requirements; train, inform and make everyone 
aware of the obligations and responsibilities, and 
seek the full commitment of the entire Group for 
its fulfilment.
To minimise the risks involved in construction and 
maintenance work in electricity facilities, the Group 
places special emphasis on training, awareness, 
dealing with enquiries and employee participation 
(Health and Safety Committee, internal audits 
and working groups), improving behaviour and 
safety measures during the performance of work 
with both its own and with external personnel 
(contractors) and developing a series of actions in 
recent years aimed at reducing the accident rate 
during the execution phases of the work.
In terms of risk prevention, the continual 
monitoring of work and activities of greater risk 
through safety inspection programmes is key to 
achieving the high levels of safety required. In this 
regard, in 2020, 10,285 safety inspections were 
carried out on works in facilities where incidents 
were detected in 11.26% of the inspections.  
10,285 occupational health and safety 
inspections were conducted in 2020 
on work at facilities. More than 1,700 
corrective actions have been generated,  
of which 85.34% have been resolved.

246
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
As a result of all the activities carried out for the 
control and monitoring of the work, more than 
1,700 corrective actions were identified, of which 
more than 85.34% have been resolved, with the 
remaining still pending closure.
Red Eléctrica considers that the knowledge 
obtained through the collaborative implementation 
of corrective actions will allow all those involved in 
the value chain to improve their occupational health 
and safety processes and bolster their culture of 
prevention through newly shared knowledge. The 
continuous and proactive identification of dangers 
associated with the processes is a source of added 
value information to determine the risks and 
opportunities of the OHAS system.
In addition, this year, the management team 
continued to carry out internal safety audits on 
construction worksites.
During 2020, work has been carried out to update 
the Action Plan for the improvement of occupational 
health and safety, establishing a new 2020-2023 
horizon, to respond to the strategic challenge of 
being a Zero-Accident group, in which two main 
lines of work are established:
• Culture in prevention: Consolidating a preventive 
culture focused on the well-being of people 
working in Red Eléctrica facilities, promoting 
a safe working environment, reinforcing the 
communication of all aspects that contribute  
to a greater level of health and safety during the 
performance of the activity.
• Innovation: The Red Eléctrica Group has placed a 
special focus on innovation as a lever for digital 
transformation in the area of occupational health 
and safety. The Company manages innovation 
in health and safety by making the relevant 
technology available to people. 
Innovation management is carried out by seeking 
an impact on health and safety processes and 
promoting the use of technology with the support 
of Elewit, the Group’s technology company. In 
2020, pilot projects were carried out with several 
start-ups that are experts in different enabling 
technologies, such as virtual and mixed realities, 
data analytics (Big Data), IoT (internet of things 
oriented towards bringing sensor-based solutions 
into the world of the connected worker) and 
Blockchain, applied to different use cases and 
proofs of concept.
In 2020, the main accident indicators for Red 
Eléctrica Group employees were 2.87 (frequency 
indicator) and 0.10 (severity indicator). The 
overall severity rate, including own staff and 
suppliers, of the Red Eléctrica Group was 0.96. 
In November 2020, the Company regrettably 
had a fatal accident involving a worker of one of 
the contractors, the causes of which are being 
investigated. This event has caused a spike in 
the value of the severity rate of contractors, 
2016
2017
2018
2019
2020
Accident severity 
rate of the  
Red Eléctrica Group 
0.09
0.05
0.11
0.14
0.10
2016
2017
2018
2019
2020
Accident frequency 
rate of the  
Red Eléctrica Group
2.43
1.71
2.93
4.13
2.87

247
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
increasing it to 1.57, as its calculation was 
affected by a scale of 6,000 working days lost, 
without which the trend would have been linear. 
Monitoring and promotion of health
and safety and well-being / 403-6
The Red Eléctrica Group carries out permanent 
preventive monitoring of the health of its 
employees. 2020 was marked by the pandemic 
and from the first moment of the crisis, the 
medical service assessed and monitored all 
suspected, possible, probable or confirmed 
cases of COVID-19, as well as following up on 
the close contacts of cases identified. The 
management of the employee’s health and 
that of potential cases and any close contacts 
has been carried out taking into account 
the changes and adaptations that have led 
to greater knowledge of the virus and its 
epidemiological behaviour, applying the ‘Red 
Eléctrica Group protocol for the management of 
COVID cases and related close contacts’, always 
aligned with the ‘Strategy for early detection, 
monitoring and control of COVID-19’ and the 
‘Procedure for action for occupational health 
and safety risk prevention services when faced 
with exposure to SARS-CoV-2’.
This monitoring of COVID-19 cases and the 
following up of close contacts have made it 
possible to be fully aware of the situation of the 
Group’s workforce with respect to the pandemic 
In 2020, the medical service has monitored 
all suspected or confirmed cases of COVID-19 
involving employees, as well as following up 
on the close contacts of cases identified.

248
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
and to be able to convey the cumulative data  
to the Company’s management.
In addition, high-performance serological 
tests were initially carried out on critical 
workers responsible for essential services and 
subsequently on the rest of the workforce in 
accordance with the return-to-office plan.
Aware of the need to guarantee health and 
safety from a global perspective and assigning 
of healthy living habits. In 2020, previous 
campaigns have been continued, adapting them 
to the situation imposed by the pandemic, opting 
for online systems and thus extending them to 
everyone in the Group. 
In the area of psychosocial risk management, 
being aware of the impact that the crisis 
could have on psychosocial health, in the first 
months of the pandemic, the ‘Employee Support 
OCCUPATIONAL  
HEALTH AND SAFETY 
TRAINING
REGARDING TRAINING AND SKILLS 
DEVELOPMENT IN OCCUPATIONAL  
HEALTH AND SAFETY
In 2020, we implemented a
a relevant role to the impact that the pandemic 
could have on people’s well-being, a post-
COVID-19 wellness plan was designed that 
includes initiatives aimed at physical and 
emotional wellness as well as social well-being.
The healthcare campaigns respond to the 
analysis of the different health indicators 
evaluated annually and to previously identified 
needs, whose main objective is the incorporation 
Main actions for health promotion and prevention  
and the improvement of well-being in 2020
Medical examinations
Medical and nursing 
consultations
 
Healthy  
nutrition  
consultations 
 
Physical  
examinations 
	
 
 
Promotion  
of physical  
activity
 
Prevention  
of cancer: colon, 
prostate	  
 
Mindfulness  
workshops	
 
Stress  
management	
 
 
 
Flu  
vaccinations 
 
 
Physiotherapy 
consultations	
 
 
 
Energy space (yoga and 
Pilates classes, and 
other sports activities)
NEW MODEL

249
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Programme’ was launched, which guaranteed 
virtual psychological assistance at all times via 
a telephone consultation, email or the use of 
an app. This service, which was for a temporary 
period and was available 24/7, made it possible 
to reach all Red Eléctrica Group employees, 
including those companies in Latin America,  
as of the month of March.
Other initiatives carried out from the perspective 
of emotional well-being were:  
• Mindfulness workshops, consisting of 3 
sessions of 2 hours each, in which people 
from different work centres participated and 
who expressed a high degree of satisfaction 
regarding the workshops.
• Best practices regarding digital disconnection 
with recommendations to minimise the 
impact on health as a result of working with IT 
equipment and new technologies.
• Help at home’ initiative, i.e., financial aid aimed 
at all employees to facilitate the purchase of IT 
and office equipment, both from an ergonomic 
and technological point of view.
• Urban camps during the summer for the 
children of employees with both on-site and 
online activities.
Training and awareness 
403-5
The Red Eléctrica Group considers training and 
awareness-raising in the field of occupational 
health and safety risk prevention essential to 
reduce accidents and to protect the health and 
safety of its entire workforce.
Noteworthy in 2020 was the implementation 
of a new training model in occupational health 
and safety, focused on the certification of skills 
and competencies according to the activity 
carried out by the worker, which is a significant 
Main training and  
awareness-raising actions in 2020
• Courses established in occupational health and safety training and  
competency model (AM012).
• Online workshops on different areas of healthy eating during the lockdown. 
• Session focused on preventing accidents in tree-felling activities, disseminating 
the main incidents that have occurred in recent years and sharing the lessons 
learned from them.
• Immunisation and quality of life campaigns through the support of a nutritionist.
• Reactiva programme with the aim of promoting healthy lifestyles through 
recreational and sporting activities. Institutional agreements with gyms and human 
development training centres for employees and their families.
Training in occupational health 
and safety risk prevention
Nutritional campaign
Health and safety  
awareness training  
session in forestry work.
Health campaigns in  
Chile and Peru

250
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
improvement with respect to the previous model 
which was generically focused on the position 
held by the person.
Workplace safety in the supply chain 
EU18
The Red Eléctrica Group promotes development 
and excellence in the occupational health 
and safety performance of its suppliers, 
implementing measures aimed at fostering  
a culture of prevention throughout the entire 
supply chain. 
All suppliers who work in the facilities and work 
centres of Red Eléctrica de España are approved 
and qualified in occupational health and safety 
and, in the case of carrying out activities that 
entail any kind of risk, these activities are 
managed by the supplier’s works supervisors who 
have been previously certified by the Company’s 
health prevention service. Over recent years, Red 
Eléctrica de España has certified more than 2,000 
works supervisors and more than 400 worksite 
managers belonging to contractors. 
In addition, Red Eléctrica randomly requests 
from its suppliers proof of their employees’ 
occupational health and safety training. It also 
requests proof of training in occupational health 
and safety for any new incorporations into the 
suppliers’ database in the corporate occupational 
health and safety application (PRER).
In order to promote a culture of prevention and 
excellence in our suppliers, the new model for 
evaluating suppliers in terms of prevention 
has been implemented to improve occupational 
health and safety results in the execution phase 
of the work and helping suppliers to implement 
In 2020, a new health and safety prevention 
model for the evaluation of suppliers was 
implemented to improve occupational 
health and safety performance in the 
execution phase of works.
Accident frequency 
rate in Red Eléctrica 
Group contractors / EU17 
10.22
6.38
6.54
6.63
5.46
2016
2017
2018
2019
2020
Accident severity 
rate in Red Eléctrica 
Group contractors / EU17
0.50
0.40
1.39
0.36
1.57
2016
2017
2018
2019
2020

251
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
the best practices in prevention, focusing on 
those activities of greatest risk.
Work-life balance  
401-2 
After the approval in 2018 of the 3rd 
Comprehensive Work-life Balance Plan, of note 
in 2020 was the deployment of the targets set 
for the year, with an achievement of 89.5% of 
the goals. As a consequence, a favourable report 
was drafted in order to obtain the ‘A’ level of 
excellence of the Family Responsible Company 
(EFR) certificate. This management model is 
one of the fundamental pillars of the Healthy 
Workplace model and the Diversity model 
and includes more than 70 work-life balance 
measures.
Many of the measures contemplated in the 
scope of Red Eléctrica’s Comprehensive Work-
life Balance Plan apply to the rest of the Group’s 
companies.
It should be noted that Red Eléctrica shares its 
experience as an expert in the Observatory for 
the Work-life Balance and the Equal Sharing 
of Family Responsibilities between Women 
and Men, led by the Universidad Pontificia 
de Comillas (ICADE-ICAI). The objective is to 
work through applied, interdisciplinary and 
high-quality research, to offer companies and 
institutions relevant information, reliable data 
collated with international standards to help 
other organisations to guide their active work-
life balance policies, based on proven specific 
sectorial studies.
Areas regarding work-life  
balance measures
Leadership and management styles
Quality in employment
Open workspaces and flexible working 
schedules
Family support
Personal and professional development
Equal opportunities
The Red Eléctrica Group 
participates in the 
Observatory for the 
Work-life Balance and the 
Equal Sharing of Family 
Responsibilities between 
Women and Men, led by 
the Universidad Pontificia 
de Comillas (ICADE-ICAI) 
and shares its experience 
in this field.

252
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Employment 
indicators
Key employment indicators (1) 
	
2018	
2019	
2020
Total workforce 	
1,721	
2,056	
2,051
Women (%)	
24.1	
25.9	
26.6
Men (%)	
75.9	
74.1	
73.4
Women in management positions (%)  	
28.8	
31.8	
32.7
People with a disability (%)  	
0.9	
0.8	
0.9
Creation of net employment (Nº of job positions) 	
-20	
335	
-5
Average age 	
46	
44.7	
45
Average length of service (years) 	
17	
15.1	
15.6
Total turnover (%) (2)	
3.7	
2.9	
0.5
Permanent contracts (%)	
99.4	
96.7	
98
(1) Scope of the data: REE+REC+REINCAN+REI+REINTEL in 2018 and the Red Eléctrica Group as of 2019.  
(2) Scope of the data: REE+REC.  
(3) The incorporation of HISPASAT into the Red Eléctrica Group has been taken into account.
(3)
• REE (Red Eléctrica de España S.A.U.)
• REC (Red Eléctrica Corporación S.A.)
• REI (Red Eléctrica Internacional)
• REINCAN	 (Red Eléctrica  
infraestructuras en Canarias)
KEY TO THE COMPANIES INCLUDED (scope of the data)
• REINTEL (Red Eléctrica infraestructuras  
de Telecomunicación)
• RETIT (Red Eléctrica y de Telecomunicaciones,  
Innovación y Tecnología) 
• REA (Red Eléctrica Andina)
• RECH (Red Eléctrica de Chile)
• HISPASAT
• REDCOR (Reaseguros)

253
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TO THE  
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REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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REPORT
2020
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Information regarding employees and other workers / 102-8
	
	
	
2018	
	
	
2019	
	
	
2020
	
Men	
Women	
Total	
Men	
Women	
Total	
Men	
Women	
Total
Workforce (nº of people) 	
1,306	
415	
1,721	
1,524	
532	
2,056	
1,505	
546	
2,051
Employees with permanent contracts (nº) 	
1,302	
408	
1,710	
1,484	
505	
1,989	
1,484	
527	
2,011
Employees with temporary contracts (nº)  	
4	
7	
11	
40	
27	
67	
21	
19	
40
Permanent contracts (%) 	
99.7	
98.3	
99.4	
97.4	
94.9	
96.7	
98.6	
96.5	
98.05
Part-time contracts (nº) 	
0	
0	
0	
0	
0	
0	
0	
0	
0
Workers from Temporary Employment Agencies (nº) (1)	
8	
6	
14	
2	
1	
3	
4	
0	
4
Interns (nº) (1)	
11	
5	
16	
10	
19	
29	
2	
0	
2
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group in 2019.   
(1) These workers are not added to the workforce as they are not employees of the Red Eléctrica Group.  
Workforce distribution by age, gender and professional group / 405-1                                                                                                                                   / % /
                                                                                                                                              2018	
	
	
	                                                     2019	 	
	
	
	
2020
	
Under 30 	
30 to 50	
Over 50	
Under 30 	
30 to 50	
Over 50 	
Under 30 	
30 to 50	
Over 50
	
M	
W	
M	
W	
M	
W	
M	
W	
M	
W	
M	
W	
M	
W	
M	
W	
M	
W 
Management team	
0.0	
0.0	
60.0	 40.0	
81.5	
18.5	
0.0	
0.0	
64.4	
35.6	
78.3	
21.7	
0.00	
0.00	
62.50	 37.50	
70.86	 27.14
Specialist/technical experts  	
63.6	
36.4	
78.0	
22.0	
87.5	
12.5	
56.3	
43.7	
77.6	
22.4	
87.7	
12.3	
55.34	 44.66	
76.85	 23.15	
85.74	 14.26
Administrative personnel  	
0.0	
0.0	
7.1	
92.9	
30.0	
70.0	
0.0	
0.0	
10.9	
89.1	
27.9	
72.1	
33.33	 66.67	
15.09	 84.91	
28.57	 71.43
Total	
63.6	
36.4	
75.1	 24.9	
78.4	
21.6	
56.3	
43.7	
73.8	 26.2	
78.3	
21.7	
53.57	 46.43	
73.47	 26.53	
76.70	 23.30
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019.

254
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VALUE CREATION  
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LETTER FROM  
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Workforce distribution by age, gender and professional group / 405-1
	
	
	
2018	
	
	
2019	
	
	
2020
	
Men	
Women	
Total	
Men	
Women	
Total	
Men	
Women	
Total
Under 30 	
35	
20	
55	
67	
52	
119	
60	
52	
112
30 to 50	
793	
263	
1.056	
978	
347	
1.325	
961	
347	
1.308
Over 50	
478	
132	
610	
479	
133	
612	
484	
147	
631
Total	
1,306	
415	
1,721	
1,524	
532	
2,056	
1,505	
546	
2,051
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019.
Number of employees broken down by age group and gender / 401-1
                                                                                                                                      2018	
	
	
	                                                2019	
	
        	
	
	
2020
	
Nº of 	
Recruitment 	
Nº of 	
Recruitment 	
Nº of 	
Recruitment 	
	
 new hires 	
rate (%) 	
 new hires 	
rate (%) 	
 new hires 	
rate (%)	
	
M	
W	
Total	
M	
W	
Total	
M	
W	
Total	
M	
W	
Total	
M	
W	
Total	
M	
W	
Total 
Under 30 	
5	
2	
7	
14.3	
10.0	
12.7	
34	
19	
53	
50.75	 36.54	
94.64	
14	
13	
27	
23.3	
25.0	
24.1
30 to 50	
19	
5	
24	
2.4	
1.9	
2.3	
46	
22	
68	
4.70	
6.34	
7.56	
39	
22	
61	
4.1	
6.3	
4.7
Over 50	
4	
1	
5	
0.8	
0.8	
0.8	
1	
0	
1	
0.21	
0.00	
0.22	
1	
3	
4	
0.2	
2.0	
0.6
Total recruitment 	
28	
8	
36	
2.1	
1.9	
2.1	
81	
41	
122	
5.31	
7.71	
8.59	
54	
38	
92	
3.6	
7.0	
4.5
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019.

255
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VALUE CREATION  
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ELÉCTRICA GROUP 
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Employee turnover broken down by age group and gender / 401-1
	
	
2018	
	
2019	
	
2020
	
Nº of people leaving	
Turnover rate (%) 	
Nº of people leaving	
Turnover rate (%) 	
Nº of people leaving	
Turnover rate (%)	
	
Men	
Women	
Men	
Women	
Men	
Women	
Men	
Women	
Men	
Women	
Men	
Women
Under 30 	
5	
8	
14.3	
40.0	
4	
3	
6.0	
5.8	
3	
8	
5.0	
15.4
30 to 50	
13	
3	
1.6	
1.1	
20	
6	
2.0	
1.7	
22	
3	
2.3	
0.9
Over 50	
22	
3	
4.6	
2.3	
25	
2	
5.2	
1.5	
50	
15	
10.3	
10.2
Total turnover	
40	
14	
3.1	
3.4	
49	
11	
3.2	
2.1	
75	
26	
5.0	
4.8
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019. 
Employees with the possibility of retirement  
in the next 5 or 10 years / EU15                                             / % /
Ratio of base salaries of men compared  
to women (1) / 405-2                                                                          / H-M /
	
In the next 5 years	
In the following 5 years 
	
(2020-2025)	
(2026-2030)
Management team	
19	
46
Specialist/technical experts  	
99	
339
Administrative personnel  	
23	
68
Total	
141	
453
Note 1: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica 
Group as of 2019.   
Note 2: Considering retirement age as a sole requirement and estimating this as 65 years of age. 
10-year cumulative data.
	
2018	
2019	
2020
Management team	
5.5	
13.2	
5.7
Specialist/technical experts 	
-5.0	
10.6	
9.9
Administrative personnel 	
0.4	
4.8	
4.5
Total (2)	
-0.6	
10.9	
9.8
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica 
Group as of 2019.   
(1) Average fixed salary + supplementary allowance. The Chairperson and CEO are excluded. 
(2) Average total salary: in 2020, overtime, allowances and expatriation allowances are 
included in the calculation of average salaries. The data for 2019 is also recalculated 
under this same criterion.

256
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TO THE  
COVID-19
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REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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Maternity / paternity leave rates / 401-3                                                                                                                              	
	
	
   	
       / M-P /
	
	
2018	
	
2019	
	
2020
	
Men	
Women	
Men	
Women	
Men	
Women
Employees with the right to M/P leave (nº)	
51	
30	
63	
19	
72	
13
Employees who have taken M/P leave (nº)	
51	
30	
63	
19	
72	
13
Re-incorporations at the end of M/P leave (nº) (1)	
51	
25	
61	
16	
68	
11
Employees with M/P leave who remain on the workforce (%) (2)	
100	
83	
97	
84	
100	
80
Note. Scope of the data: Red Eléctrica Group. 
(1) The difference between the number of women and men returning from leave is due to 6 authorised leaves due to childcare.  
(2) Employees who returned to work after M/P leave and continued at work in the twelve months after their reincorporation. Data as at year-end.
Average hours of training broken down by professional group and gender  / 404-1                                                               	
                       / hours /
	
	
	
2018	
	
	
2019	
	
	
2020
	
Men	
Women	
Total	
Men	
Women	
Total	
Men	
Women	
Total
Management team	
64	
67	
65	
41	
48	
43	
87 	
 102 	
 92 
Specialist/technical experts  	
74	
88	
77	
82	
70	
80	
69 	
 60 	
 67 
Administrative personnel  	
24	
39	
36	
15	
28	
24	
57 	
 34 	
 39 
Total 	
71	
75	
72	
77	
58	
72	
70 	
 59 	
 67 
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019.

257
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VALUE CREATION  
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
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Percentage of employees whose work performance and  
professional development is appraised periodically / 404-3         / % /
Employees covered by a  
collective bargaining agreement  
by country / 102-41                                     / % /
	
	
2018	
	
2019	
	
2020
	
Men	
Women	
Men	
Women	
Men	
Women	
Employees with a performance  
appraisal (%) 	
100	
100	
100	
100	
97	
91
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019. 
	
2018	
2019	
2020
Employees in Spain 	
93	
91	
91
Employees in Brazil (1)	
-	
96	
98
(1) In 2018, there were no Red Eléctrica Group employees  
in Brazil.
Occupational health and safety indicators / 403-2                                                                  	
	
	
   	
           
	
	
	
2018	
	
	
2019	
	
	
2020
	
Men	
Women	
Total	
Men	
Women	
Total	
Men	
Women	
Total
Average workforce 	
1,309	
418	
1,727	
1,383	
462	
1,845	
1,302	
739	
2,041
Hours worked (thousands)  	
2,213	
706	
2,919	
2,275	
871	
3,146	
2,220	
1,260	
3,480
Accidents with sick leave 	
8	
1	
9	
10	
3	
13	
9	
1	
10
Fatal accidents 	
0	
0	
0	
0	
0	
0	
0	
0	
0
Days lost due to accidents (1)	
333	
19	
352	
324	
109	
433	
173	
170	
343
Accident frequency rate 	
3.62	
1.42	
3.08	
4.28	
3.69	
4.13	
3.52	
1.08	
2.87
Accident severity rate 	
0.15	
0.03	
0.12	
0.14	
0.13	
0.14	
0.07	
0.18	
0.10
Absenteeism rate due to common illness (a)	
1.95	
3.74	
2.38	
2.38	
4.10	
2.80	
2.26 	
2.25 	
2.26
Absenteeism rate due to occupational illness (b)	
2.06	
3.79	
2.48	
2.48	
4.18	
2.89	
2.29	
2.34 	
2.31 
Note: Scope of the data REE + REC + REINCAN + REI + REINTEL in 2018; and Red Eléctrica Group as of 2019. 	
 	
 	
 	
 	  	
  
(1) The calculation is based on 6,000 working days per fatal accident and 4,500 for total permanent incapacity. 	
 	
 	
  
Accident frequency rate: The number of work-related accidents with leave of absence per million hours worked.  
Accident severity rate: The number of workdays lost due to work-related accidents + incapacity scale, per thousand hours worked.	
  
Absenteeism rate: (a) Days absent due to common TI (temporary incapacity) > 3 days + days absent TI < 3 days / average workforce x 365 x 100.  
(b) Days absent due to common TI (temporary incapacity) > 3 days + days absent TI < 3 days + days absent due to work-related accidents + work-related illness / average workforce x 365 x 100.

258
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LETTER FROM  
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THE CEO
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Occupational health and safety indicators of Red Eléctrica Group contractors  / EU17  
	
2018	
2019	
2020
Average workforce 	
3,093	
3,055	
2,874
Hours worked (thousands)  	
5,349	
5,282	
4,942
Accidents with sick leave 	
35	
35	
26
Fatal accidents 	
1	
0	
1
Days lost due to accidents(1)	
7,421	
1,903	
7,781
Accident frequency rate 	
6.54	
6.63	
5.46
Accident severity rate 	
1.39	
0.36	
1.57
(1) Calculation based on 6,000 working days per fatal accident and 4,500 for total permanent incapacity.

259
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COVID-19
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OF REPORTING 
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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7.4
Responsible 
environmental 
management
103-1 / 103-2 / 103-3
Key indicators  
in 2020 
• 29.1 million euros  
earmarked for 
environmental issues.
• 508.4 km of lines 
marked with  
bird-saving devices  
in critical priority  
areas (66.5% of the 
total).
• 63% of the Group’s 
waste recycled.
2020 milestones 
• Extending the reporting scope: 
incorporating information from Red 
Eléctrica Andina, Red Eléctrica Chile and 
HISPASAT into the relevant indicators.
• Analysis of the environmental viability 
of the infrastructure proposed for the 
next Electricity Planning for the period 
2021-2026.
• Definition of the new Biodiversity 
Commitment: positive impact on 
biodiversity.
• Monetisation of the Circular Economy 
Roadmap.
Challenges  
for 2021 
• Design of the Environ-
mental Management 
System in REINCAN.
• Definition of the 2030 
Biodiversity Roadmap.
• Progress in the  
implementation of the 
Zero waste project.

260
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RED ELÉCTRICA
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2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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the scope of which includes the entire Red Eléctrica 
Group. This Plan is divided into three vectors: 
environmental management of facilities, biodiversity 
and climate change and contains the main 
challenges and objectives to be achieved for each 
one of them. It also includes, in a global and cross-
cutting manner for the entire Group, all voluntary 
actions scheduled for each year with the aim of 
contributing to the achievement of these challenges.
The fulfilment of the 2020 Environmental Plan was 
75.5%, and the Plan comprised a total of 98 actions. 
Management system
In order to carry out a continuous improvement 
of environmental performance, Red Eléctrica 
de España S.A.U. and Red Eléctrica Andina have 
implemented an environmental management 
system certified according to ISO14001. In addition, 
Red Eléctrica de España S.A.U. also complies with 
the requirements of the EU Eco-Management and 
Audit Scheme (EMAS).
One of the fundamental elements of environmental 
management is the annual Environmental Plan, 
The Annual Environmental Plan is articulated on 
three vectors: the environmental management 
of facilities, biodiversity and climate change and 
contains the main challenges and objectives  
to be achieved for each one of them.
Environmental 
management 
The Red Eléctrica Group carries 
out all its activities taking into 
account environmental protection, 
in accordance with the principles 
established in its Environmental  
Policy, including the commitment 
to prevent pollution and the principle  
of precaution. / 102-11
The main environmental impacts  
of the Red Eléctrica Group are those 
that arise from the presence of the 
facilities in the territory, which is why 
the Company works intensively to 
make its facilities compatible with the 
environment, considering their entire 
life cycle and paying special attention  
to the conservation of biodiversity.  
In addition, the Red Eléctrica Group  
is a major player in the transition 
towards a decarbonised energy model 
and has therefore made a specific 
commitment to the fight against 
climate change.
The environmental commitment 
of the Red Eléctrica Group not only 
encompasses its own activities but  
also extends to its supply chain.

261
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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such as construction, refurbishment/renovation  
of facilities and some maintenance activities,  
part of the payment for the contracted work 
is conditional on the result of the environmental 
certification process of the works, which implies 
meticulous monitoring of the established  
environmental requirements. 
Furthermore, with the aim of improving the 
environmental performance of the supply chain, 
Red Eléctrica is developing specific programmes 
and actions related to key environmental aspects 
for the Company: climate change (collaboration 
programme with suppliers for the reduction 
of Scope 3 emissions), biodiversity (carrying out 
a survey of more than 2,500 suppliers in order  
to diagnose the degree of progress and effort 
made by suppliers in this area) and circular 
economy. Some of these initiatives are outlined 
throughout this report.
environmental impact have an environmental 
management system documented or certified  
by a third party.
Additionally, the environmental requirements, 
in terms of training and specifications, for the 
execution of works are part of the contractual 
documentation for those services where it has 
been deemed necessary. In the case of the 
activities with the greatest potential impact,  
Environmental expenditure 
In 2020, the Red Eléctrica Group allocated 
29.1 million euros to environmental issues. In 
particular, ordinary expenditure for the protection 
and improvement of the environment regarding 
the management and operation of the electricity 
infrastructure business in Spain totalled 23.3 
million euros. This amount was mainly dedicated 
to the protection of biodiversity, the prevention  
of forest fires, landscape integration, dealing with 
climate change and the prevention of pollution. 
The amount earmarked for environmental aspects 
associated with investment projects stood  
at 4.9 million euros, significantly higher than 
in previous years (1.7 million euros in 2019),  
due to the work carried out regarding future 
submarine links.
In relation to other activities of the Group 
(Red Eléctrica Andina, Red Eléctrica Chile and 
HISPASAT), a total of almost one million euros  
has been earmarked for environmental protection  
and improvement.
Extending of the  
environmental commitment  
to the supply chain
308-1 / 308-2
Aware of the need to extend its responsibility 
throughout the supply chain, Red Eléctrica 
requires that 100% of the suppliers that provide 
services or products that could lead to an 
In 2020, the Red Eléctrica  
Group has earmarked
29.1 M€
TO ENVIRONMENTAL 
ISSUES

262
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
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Once electricity planning has been approved, 
which undergoes a strategic environmental 
procedure, the Company conducts a detailed 
study of the territory and defines, in coordination 
with the various public administrations and  
main stakeholders, the sites where the 
substations are to be located and the routes  
to be taken by the lines.
The main measure to reduce and even avoid  
the undesired effects of Red Eléctrica’s facilities 
in the environment and in local communities  
is the selection of the site where facilities will  
be located.
In this regard, it is essential to consider 
environmental and social variables at all 
transmission grid development stages. This 
includes carrying out a viability analysis of the 
facilities before their incorporation into the 
electricity planning proposal that Red Eléctrica 
de España, as System Operator, submits to 
the Ministry of Ecological Transition and the 
Demographic Challenge.
As of 2019, Red Eléctrica has worked on the 
feasibility analysis of the infrastructures proposed 
for the next Electricity Planning for the period 
2021-2026, having evaluated the different 
alternatives and studied the complexity of their 
implementation within the territory.
Integrating facilities 
into the environment
During 2019 and 2020, Red Eléctrica 
continued to work on the feasibility analysis 
of the infrastructures proposed for the next 
Electricity Planning for the period 2021-2026.

263
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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Furthermore, in order to reduce the potential 
impacts of the infrastructure as much as possible, 
it is necessary to establish the appropriate 
preventive and corrective measures to be applied 
during the construction or maintenance phases.
The most suitable tool for defining the best 
project and appropriate preventive and corrective 
measures is the environmental impact 
assessment procedure, which most Red  
Eléctrica projects are subject to by law.
To ensure the commencement and effectiveness 
of the established measures, environmental 
monitoring programmes are defined and carried 
out. These are applied in the construction of the 
facilities and in the first years of operation and 
facilitate the definition of new measures  
if necessary.
For facilities in service, the Company carries out 
periodic inspections in order to verify compliance 
with environmental standards. It should be noted 
that in the last 3 years the organisation has defined 
and implemented the ‘Maintenance Management 
or Territorial Observatory’ project, which consisted 
of integrating all the environmental, sectorial and 
technical conditioning factors that must be taken 
into account into the corporate mapping system 
when requesting permits to conduct maintenance 
work on facilities (more than 70 conditioning 
factors that have an impact on 200 metres on  
each side of each line), so that they are accessible 
to all the Company’s personnel, facilitating their 
analysis and application.
Among the preventive and corrective measures 
applied, noteworthy are those biodiversity 
protection measures aimed at the protection of 
habitats and the conservation of flora and fauna 
and those geared towards reducing potential 
impacts on the socio-economic environment. 
These actions are detailed in the following sections 
of this report.
Red Eléctrica 
carries out an 
environmental 
assessment 
and establishes 
a voluntary 
communication 
with the 
competent 
administration 
even though 
the law does 
not require 
a regulated 
procedure.

264
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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In 2020, more than 10 specific actions were 
carried out with different entities of the public 
administration with competencies in environmental 
issues (technical and informative workshops and 
visits to facilities), which contribute to improving 
their knowledge of the Company, facilitating the 
decision-making processes and strengthening 
relations and collaborative working.
and in the development of public consultation 
and participation processes. Among other 
objectives, the aim is to provide greater and more 
detailed information for stakeholders, enrich the 
processes for evaluating the environmental impact 
assessment of projects and minimise possible 
conflicts.
Stakeholder relations
Currently, one of the most relevant issues regarding 
the integration of facilities into the environment  
is the improvement of their social acceptance.  
In this regard, Red Eléctrica works tirelessly  
to improve its relationship with stakeholders, 
as described in the section on the Stakeholder 
Management Models 
 of this report,  
Development and implementation phases for 
transmission grid infrastructure
Infrastructure proposal
(Drawn up by REE)  
Environmental Feasibility  
Study
• Analysis of all proposals from  
an environmental point of 
view.
• Only includes environmentally 
viable projects.
Transmission grid 
planning 
(Drawn up by MITERD)
Strategic environmental 
assessment of plans and 
programmes
Public consultation and 
participation of stakeholder 
groups through the submission  
of comments, suggestions  
and/or arguments.
Project design 
(New facilities and  
modifications)
Prior dialogue with stakeholders 
before defining the project 
(Autonomous Communities, local 
councils and NGOs).
Environmental Impact Assessment
1 Prior consultation with 
stakeholders.
2 Defining the alternative of least 
impact.
3 Public information. Submission 
of comments, suggestions and/
or arguments by stakeholders.
4 Proposal for preventive and 
corrective measures.
5 Publication of results. 
Environmental authorisation.
Construction or 
modifications of facilities
Implementation of preventive 
and corrective measures.
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.
Maintenance
Environmental monitoring 
programmes in the initial years 
of operation of a facility.
Periodic inspections of 
facilities to verify compliance 
with standards and identify 
improvement measures.
Application of environmental 
improvement measures.

265
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LETTER FROM  
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AND FROM  
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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in the environmental assessment carried out 
in the design phase of the facilities and in the 
management of the infrastructure throughout  
its useful life.
accesses to the infrastructure. The land surface 
with overhead electricity lines is subject to a right 
of way easement during the useful life of the 
infrastructure.
Agricultural activities are compatible with 
the lines, allowing all types of crops to be 
grown underneath them and enabling the free 
circulation of the machinery necessary for their 
management. Social aspects are integrated both 
Socioeconomic environment 
413-2
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 substations, these produce a 
total and irreversible occupation of land, and 
regarding the lines, the occupation is limited 
to the feet of the towers and the newly created 
Main conditioning factors 
in the definition of locations  
for the siting of facilities  
and the design of access  
routes
Main preventive and  
corrective measures
• Incompatible use of the land
• Areas of high agricultural yield and agroforestry plantations
• Touristic resources
• Cultural resources
• Landscape
• Use of existing accesses.
• Use of special techniques (e.g., use of boom crane or helicopter)  
for assembling towers.
• Restoration of areas affected by work: geomorphological recovery  
of the land, replacement of stones or crops, restoration of slopes, repair  
of roads, accesses and enclosures.
• Measures to control particle and dust emissions in work areas (mainly 
periodic watering down measures. In 2019, a meshed filtering system  
and a riprap were installed for this purpose).
• Modification of access road to avoid division of 
the property (requested by the landowner and with 
authorisation from the local administration).
• Planning of work to avoid the grape-harvesting season.
• Cordoning off of fruit trees.
• Concreting work and the hoisting of 7 towers 
by helicopter to avoid opening access roads.
• Concreting work and the hoisting of a tower by 
helicopter to prevent the transit of heavy machinery 
along a track of historical value (requested by the local 
council).
• Execution of transversal channels to avoid damage 
caused by runoff water and streams.
• Restoration and replacement of boundary stone walls 
affected by the works.
These restoration actions may be accompanied by other measures agreed with the landowners, such as the improvement of forest  
trails or roads, construction of waterways, piped irrigation channels, clearing of farmland, planting of trees and other one-off actions 
that may involve a greater scope of work.
Case study 
Measures to protect the 
socio-economic environment 
for the 220 kV  
Caletillas-El Rosario line

266
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
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Blending facilities into 
the landscape
One of the principal challenges regarding the 
integration of electricity transmission infrastructure 
into the environment is the ability to blend them 
into the landscape. Given that this is an aspect that 
is becoming increasingly important, it is, therefore, 
essential to move forward with this landscape 
integration initiative. This is possible thanks  
to the improvement of tools for assessing the  
visual impact of the facilities and the application  
of integration measures that allow the impact  
of the facilities on the landscape to be reduced.
The integration measures applied in 2020 
include the restoration of the area affected by the 
maintenance work on the 400 kV Ascó Pierola line. 
Light pollution 
In certain locations, the night-time lighting  
of substations could be a source of light pollution. 
Since 2017, Red Eléctrica has been working  
on implementing the necessary measures to be 
able to proceed with the nightly shutdown of the 
lighting of the substations and reduce potential 
light pollution as much as possible. Currently, 
lighting in 83% of the substations is switched  
off at night and work will continue over the next 
few years to increase that percentage.
Noise
On occasions, electricity substations can be  
a source of annoyance for neighbours, due  
to the noise generated by some of its elements. 
Red Eléctrica works on the implementation  
of the most effective measures for mitigating  
noise pollution.
In 2019, a noise analysis study was  
carried out on the 134 substations that have 
power transformers on-site, based on direct 
measurements and the use of predictive 
software, fed with data from the ACURED 
innovation project (2016-2018). In 2020, 
adjustments were made to some power 
transformers to reduce their noise emission 
levels, and measurements have been taken  
at 26 substations among those identified 
as most likely to generate nuisance in their 
environment. As a result, 3 facilities have been 
prioritised for measures to be undertaken in  
the coming years. In 2021, noise measurement 
work will continue and an acoustic screen will  
be installed at the Arkale substation. 
In addition, Red Eléctrica carried out noise 
measurements at the request of some 
administrations or individuals, which in all  
cases have yielded results in accordance with 
current legislation.
NIGHT-TIME  
SHUTDOWN
lighting is turned off at night in
83%
OF THE SUBSTATIONS
IN ORDER TO AVOID LIGHT  
POLLUTION
Assessment tools
• Landscape analysis methodology.
• Methodology for the analysis of the visibility  
of electricity lines.
Landscape integration measures
• Standardisation and design of towers that blend  
better into the landscape.
• Restoration of affected areas.
• Landscape integration of substation buildings.

267
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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Protection of archaeological  
and ethnological heritage
The protection of archaeological and  
ethnological heritage is an important factor  
in the design and construction of Red Eléctrica 
facilities. Before carrying out any earthworks,  
the Company carries out an archaeological survey 
of the land/terrain, the intensity and scope  
of which depend on the probability that there  
is a material of interest in the area. According  
to the results, the need for the continuous 
This has been accomplished through the planting 
of 100 trees (white pine, holm oak, gall oak) and the 
replacement of landscaping plant species damaged 
by the underground channelling of the land section 
of the Lanzarote-Fuerteventura interconnection.
Additionally, noteworthy is the drafting of the 
preliminary project for the integration of the 
Itxaso substation (Guipúzcoa), which, in addition 
to the environmental and landscape recovery 
of the surroundings of the facility, proposes the 
improvement of the flow of the Santa Lucía river  
as it passes by it.
The facility design phase is supported 
by applications that combine 
weighted visibility maps with 3D 
environments, including buildings and 
vegetation, achieving a much more 
realistic result. This makes it easier  
to decide on the specific measures 
that can be applied in Special 
Landscape Areas.

268
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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Electric and magnetic fields (EMF) 
416-1
Thanks to the criteria applied by Red Eléctrica  
in the design of its 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: establishes exposure 
limit values for the general public in sites where 
they may remain for a period of time at 5 kV/m  
for electric fields and 100μT for magnetic fields). 
The main criteria applied are the following:
• Construction of double circuits and transposition 
of phases in lines.
• Increasing the height of towers, thus increasing 
the safety distances.
• Establishing the minimum distance of  
electricity lines from population nuclei and 
isolated houses.
In order to verify compliance with the 
recommendation, Red Eléctrica has a tool 
that uses specific line parameters to precisely 
calculate the maximum EMF levels that said 
facilities could generate.
 
To date, we have proceeded to compile all 
available documented information available in  
a digital format and which has been contrasted  
in the field. 
In addition, Red Eléctrica actively collaborates 
with the public administration in the conservation 
of heritage by developing cultural projects in the 
areas surrounding its facilities.
presence of an archaeologist during the works 
is determined and, if necessary, the preventive 
measures to be applied during the works are 
defined. These measures mainly consist  
of avoiding or protecting certain elements 
of archaeological and ethnological heritage, 
although on some occasions cataloguing, 
excavation or even restoration work is  
carried out.
Specifically, in 2020 the drilling of boreholes 
was required prior to the opening of the trench 
for work on the 220 kV Beniferri-La Eliana 
underground line, in order to avoid affecting  
the Mestalla and Tragador de Fora irrigation 
channel, as it contains protected heritage 
elements. 
Similarly, archaeological supervision was  
carried out during the year on 8 substation  
works and on 25 works related to electricity  
lines, with intensive supervision being necessary 
at all substations and on 16 of the lines.
It is worth noting that the Company began  
to work on the ArqueoRED project over 5 years 
ago, and the objective is to have the information 
regarding catalogued cultural heritage digitally 
mapped and standardised for the entire national 
territory. The consultation of this information  
prior to the execution of works in the facilities 
enables the necessary measures to be defined  
in each case and thus avoid potential impacts.  
PERMANENT 
PRESENCE OF AN 
ARCHAEOLOGIST 
in
OF THE WORKS FOR SUBSTATIONS  
AND FOR 64 % OF THE WORKS  
REGARDING ELECTRICITY LINES
100 %

269
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TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
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• Information is conveyed to stakeholders,  
by means of:
- The corporate website on Electric and magnetic 
fields can be consulted at https://www.ree.es/
en/sustainability/the-natural-environment/
electric-and-magnetic-fields.
- The publication of new developments in 
scientific research in this regard. In 2020,  
the https://www.ree.es/sites/default/files/04_
SOSTENIBILIDAD/Documentos/REE_Campos_
electricos_y_magneticos.pdf was updated.
- Responding to enquiries received through  
the Dígame Service.
 
During the year, there were no incidents registered 
due to non-compliance with the regulations in this 
matter. / 416-2
In addition, the Company is fully aware that 
electromagnetic fields represent an issue for 
concern for those people living in the territories 
where electricity facilities are located and 
therefore it pays special attention to this  
issue and the following courses of action are 
carried out:
• Participation in national and international 
forums and working groups (ENTSO-E, CIGRE 
and EPRI during 2020) and collaboration with 
the administration (MITERD) and prestigious 
entities such as the ‘Salvador Velayos’ Institute 
of Applied Magnetism. 
In 2020, this type of study was carried out for 
various projects to increase the power capacity 
of in-service facilities, such as the 400 kV  
Tajo-Litoral line or the 220 kV Pobla-Foradada 
line.
It is only necessary to make measurements in 
situ when the values of the parameters required 
for the calculation are not available. This is the 
case of some facilities acquired by the Company 
in 2010 in the island systems, for which a specific 
plan of measures was developed during 2015 and 
2016, all the values were found to be within the 
recommended exposure limit values.
In addition, Red Eléctrica carries out some 
measurements at the request of interested 
parties. In 2020, it took measurements  
on one line, that has produced results below  
the values recommended by the European Union.
Red Eléctrica has assessed and validated 
compliance with the regulations on 
electromagnetic fields for 100% of its 
facilities.

270
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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Red Eléctrica maintains alliances in matters  
of biodiversity conservation with the competent 
areas of the public administration and other 
organisations in the different autonomous 
communities. The following alliances with 
organisations of reference are also noteworthy:
• Biodiversity Pact. Red Eléctrica is part of the
Spanish Initiative for Business and Biodiversity
(IEEB) promoted by the Ministry of Ecological
Transition since 2013.
• Working group between Red Eléctrica and the
Sub-Directorate General for Environmental
Assessment of MITERD.
• International Union for Conservation
of Nature (IUCN) Centre for Mediterranean
Cooperation: framework agreement
(2018-2021).
• SEO/BirdLife (Spanish Ornithological
Society) for the conservation and protection
of biodiversity (2018-2021): framework
agreement (2018-2021).
• Participating in the Natural capital in the
Spanish energy sector working group.
The protection and conservation of biodiversity 
have always been basic elements in the 
environmental management of Red Eléctrica. 
Within the framework of its 11 Sustainability  
Goals for 2030, the Red Eléctrica Group is 
committed to generating a net positive impact 
on the natural capital in the surroundings of its 
facilities, and as a first step towards advancing  
in this purpose, in 2020, the Company  
reaffirmed and reformulated its Commitment 
to biodiversity.
The multi-year Action Plan (2017-2021)  
is currently in force, which includes the main 
biodiversity-related actions for this period. 
In addition, work has already begun on the 
development of a 2030 Biodiversity Roadmap 
in order to define a strategy and designing 
the measures that will enable the Group  
to improve its relationship with natural capital 
and meet the target set for this horizon.
Biodiversity
103-1 / 103-2 / 103-3

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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
occasions, Red Eléctrica implements all the 
necessary preventive and corrective measures 
to minimise potential impacts, including the 
restoration of affected areas, when possible.
Lastly, the Company carries out different 
environmental improvement actions aimed  
at promoting biodiversity in the vicinity 
of the facilities. In addition, Red Eléctrica 
promotes and collaborates with the public 
administration, non-governmental organisations, 
research bodies and other interested parties  
in the development of biodiversity conservation 
projects. These measures and projects are  
aimed at offsetting the impacts that may  
possibly have been produced during the  
execution of the activities.
Avoiding areas rich in biodiversity is a  
priority criterion considered when choosing  
the locations for the siting of facilities. However, 
bearing in mind that 25% of the surface area  
of Spain has some form of environmental 
protection, it is inevitable that in some cases 
infrastructure will cross or be located in protected 
areas or zones with species of interest. On these 
Biodiversity management
Biodiversity management is carried out taking  
into account the hierarchy of impact mitigation. 
The potential effects on biodiversity are 
associated with the presence of the facilities 
in the territory and with the construction and 
maintenance of the same. The main impacts  
are described throughout this chapter.
Avoid areas rich  
in biodiversity
Minimise impacts / Restore 
affected areas
Offset the impacts  
produced
Hierarchy of 
mitigation actions 
regarding impacts 
on biodiversity
RED ELÉCTRICA’S 
FACILITIES
occupy only
OF THE SPANISH RED NATURA 
NETWORK
0.08 %

272
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Biodiversity action plan (2017-2021)
Most relevant 
actions 
Progress made 
in 2017 
Progress made 
in 2018
Progress made 
in 2019
Progress made 
in 2020
2021 Goals
Continued on next page >>
• Definition of a new 
assessment methodology 
for investment projects.
• Promoting the 
management of 
biodiversity in the Group’s 
subsidiaries.
• Extending commitment 
to the supply chain.
• Birdlife: Multi-year line 
marking plan.
• Forested areas: Signing 
of agreements for the 
prevention of forest fires.
• Habitat of high ecological 
value: HÁBITAT Project.
• Definition of a new 
methodology for assessing 
the impact of investment 
projects on natural  
capital.
• Definition of biodiversity 
conservation criteria  
for the selection of 
suppliers.
• 51% of critical priority areas 
marked.
• 13 agreements in force. 
 
• Field-validated mapping 
for all the Autonomous 
Communities.
• Inclusion of the concept  
of Net-Zero or positive 
impact on biodiversity, linked 
to the design of offsetting  
actions in Environmental 
Impact Assessments.
• Delivery of 2 training  
workshops on the  
methodology designed  
in 2019.
• Commencement of the  
design of the 2030 Biodiversity  
Roadmap of the Group.
• Supplier survey conducted  
on biodiversity performance.
• 66.5% of critical priority areas 
marked.
• 12 agreements in place and  
2 in the process of renewal. 
• Design of status/stress/respon-
se/ monitoring indicators of the 
influence that activities have  
on habitats.
• Guidelines formulated for the 
preservation and improvement of 
conservation status by type of prio-
rity habitats of community interest.
• Actions underway.
• 38% of the critical priority 
area marked.
• 12 agreements in force. 
 
• Obtaining  
field-validated mapping 
for 16 Autonomous 
Communities.
• Design of a methodology 
for the analysis and 
responsible assessment 
of natural capital, based 
on ecosystem services 
and tested in a practical 
business case.
• 60.7% of critical priority 
areas marked.
• 10 agreements in force and 
3 in the process of being 
renewed.
• Standardisation of the 
mapping of the different 
Autonomous Regions. 
Integration into the mapping 
database. 
• Completion of the three 
proposed actions.
• 100% critical priority areas 
marked by 2023.
• 21 agreements in force 
(nationwide). 
• Mapping designed, field-vali-
dated state of conservation 
and management plans 
for the conservation of the 
habitats identified in all the 
Autonomous Communities.
IM P ROV E  T H E  M A N AG E M E N T O F  B I O D I V E R S I T Y I N  T H E  C O M PA N Y,  I N C O R PO RAT ING NEW A PPROACHES  A ND EXPA NDING ITS  S COPE
M A KE  FAC I LI T I E S  C O M PAT I B LE  W I T H  B I ODIV ERS ITY

273
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Continued on next page >>
• Participation in wildlife 
conservation projects 
(especially birdlife) and 
flora.
• Red Eléctrica Forest. 
 
• Red Eléctrica Marine 
Forest.
• Increase employee 
awareness. 
• Promote corporate 
volunteering in the field  
of biodiversity. 
 
 
 
• Increase the Company’s 
externally visibility with 
regard to biodiversity.
• 12 birdlife projects (on 
focal species) in force.
• 843 ha recovered.
• Investment: 2,126,327 
euros.
• 1 hectare planted.
• Volunteering actions: European 
Red Natura 2000 day; Libera 
Project campaigns; REE 
Asturias Forest; Workday for  
the removal of invasive flora  
in Valencia.
• 14 birdlife projects in force,  
13 of them focal species. 
 
• 864 hectares recovered.
• Investment: 2,190,581.44 euros. 
• 2 hectares planted.
Corporate volunteering actions:
1) #stay in the nest.
2) #what is urban biodiversity and how 
to help by making nesting boxes.
3) #plant a new world from home. 
Dissemination of projects in the 
press and via social networks, 
publication of brochures and videos, 
and participation in specialised 
forums and working groups.
• 11 birdlife projects (on focal 
species) in force.
• Surface area recovered: 778 
ha recovered. Investment: 
1,843,941 euros.
• Agreements signed with the 
CSIC and the Government  
of the Balearic Islands.
Publication of information related to biodiversity on the corporate intranet.
• Volunteering actions within 
the framework of the Red 
Natura 2000 day.
Dissemination of projects in the press and on social networks, 
publication of brochures and videos and participation in forums 
and specialised working groups. 
• 15 Birdlife projects (focal 
species) underway. 
 
 
• 843 ha recovered.
• Investment: 2,126,327 
euros.
• 1,5 hectares planted.
• Red Natura 2000 campaign; 
Libera project campaigns; 
Limne Foundation; Oceans 
Day; Scopoli’s s Shearwater 
Release project.
• Additionally: meetings 
with journalists, visit to 
the ‘Red Eléctrica Marine 
Forest’ and visit to the 
Marine Interpretation Centre 
(Majorca), and holding of a 
conference on birdlife.
• 6 annual projects in  
force, 5 of them on focal 
species. 
• Exceed 1,000 ha recovered 
and reach a total investment 
of 2,500,000 euros.
• Development of the 
Posidonia forest: 2 ha.
• Publication of internal 
news and the carrying out  
of specific campaigns.
• Development of new  
actions (at least one  
a year). 
 
 
 
• New informative products  
and participation in events 
related to biodiversity  
(at least 2 per year).
PR O M OT E  T H E  C O N S E RVAT I O N  O F  B I O DIV ERS ITY
RA I S E  AWA R E N E S S  O N  R E D  E LÉ C T R I CA’S  STA N C E  O N  B IODIV ERS ITY MATTERS
Biodiversity action plan (2017-2021) / continued
Most relevant 
actions 
Progress made 
in 2017 
Progress made 
in 2018
Progress made 
in 2019
Progress made 
in 2020
2021 Goals

274
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VALUE CREATION  
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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• Implementation of 
innovation projects 
that contribute to the 
achievement of biodiversity 
challenges.
• Biotransporte Project
• Vegeta Project
• Prodint Project.
• Vegeta Project
• Prodint Project
• Biotransporte Project.
• Vegeta Project.
• Vegeta Project
• Prodint Project
• Project for the assessment 
of natural capital.
• Minimum of three 
innovation projects 
implemented 
in the period.
PR O M OT E  I N N OVAT I O N  I N  B I O D I V E R S I T Y MATTERS
In 2019, the Company designed a methodology 
and analysis of responsible valuation of 
natural capital based on ecosystem services, 
the application of which will enable progress 
in quantifying effects and moving towards the 
desired positive impact.
During 2020, the methodology for the 
environmental assessment of projects has been 
updated, in which, among other improvements, 
the concept of net-zero or positive impact has 
been considered, linked to the actions to be 
carried out to offset possible impacts.
Additionally, the development of the project 
‘Assessment of ecosystem services derived  
from the management of vegetation in the 
electricity transmission grid by means  
New approaches to biodiversity 
management
Advancing with the commitment of the Red 
Eléctrica Group, which seeks to generate a net 
positive impact on biodiversity in the territories 
where the Company operates, requires working 
from new perspectives. For this reason, the 
Company has begun to work under the natural 
capital approach, which it understands as the 
inventory of the assets or natural resources of 
an ecosystem, biotic or abiotic (biodiversity, air, 
water, soil, minerals) that, combined or on their 
own, provide society with benefits: ecosystem 
services.
of grazing’ is noteworthy and it is carried out  
in collaboration with the University of Alcalá  
de Henares. In this study, an ecosystem services 
assessment methodology has been designed 
to complement the one developed in 2019, 
to analyse the balance of gains and losses in 
terms of natural capital associated with the 
maintenance of the vegetation through the use  
of livestock, growing in the safety corridors  
of electricity lines. After its application in a case 
study, it has been concluded that this practice 
enhances provisioning, regulating and cultural 
ecosystem services, which favours biodiversity 
and social well-being.
Biodiversity action plan (2017-2021) / continued
Most relevant 
actions 
Progress made 
in 2017 
Progress made 
in 2018
Progress made 
in 2019
Progress made 
in 2020
2021 Goals

275
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LETTER FROM  
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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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incorporates numerous preventive and corrective 
measures       in this respect.
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 
during the operation of the line. Red Eléctrica 
Protection of habitats and the 
conservation of flora and fauna during 
works / 304-2 / 304-3
In works associated with the construction of lines  
or the modification of facilities, the main impacts  
Specific noteworthy measures in 2020
• Helicopter-assisted hanging of several sections of the 400/220 kV incoming/
outgoing feeder lines in Soto de Ribera substation to avoid affecting native 
woodland (holm oak, chestnut and oak).
• Boom crane for the erection of all the towers on 5 new lines and the hanging by 
hand on 4 new lines.
• Hoisting by sections of 31 towers on the 220 kV José María Oriol-Los Arenales line.
• Passing the guide wire by hand over the river Nalón to avoid affecting the ‘Alluvial 
forests of Alnus glutinosa and Fraxinus excelsior’ habitats.
• Previous inspection to locate Dryopteris anemula and Dryopteris guanchica, ferns 
in danger of extinction. Once having located several specimens, action was taken 
so as to no affect the vegetation during works.
• Surveys and cordoning off Caralluma burchardii for its protection, an endemic 
species of cactus-like plant in danger of extinction according to the Canary 
Islands Catalogue of Protected Species.
• Protection of the Lesser water-plantain (Baldellia Ranunculoides) a type of 
flowering plant: preparation of a botanical study, modification of accesses and  
the marking off of specimens.
• Signposting and cordoning off of a population of Chamaecytisus proliferus  
(a small spreading native evergreen tree) located near infrastructure. 
• Modification of the route of the line, increasing the height of the towers and 
reduction of the area of the worksites to avoid the felling of a native forest.
• Biological stoppages for 22 actions. Particularly noteworthy was the stoppage 
carried out between 15 February and 15 September regarding 20 towers on  
the 400 kV Gueñes-Itxaso line, due to it being in an area with Egyptian vultures 
(Neophron percnopterus), and the stoppage carried out on a tower on the 400 kV 
Aguato-Garoña line from November to April to avoid affecting the fauna present 
in the watercourses (salmon spawning grounds and species of interest such as 
otters, Iberian desman and native crayfish).
• Prior surveys of the terrain to avoid affecting Montagu’s harrier nesting sites  
during the works.
• Relocation of the conductor cable to within the body of the tower itself to avoid 
its replacement in an area declared a special protection area for the Capercaillie 
(Tetrao urogallus) and being located within an area of the brown bear recovery plan.
• Intensive ornithological surveying prior to and during the 24-month construction 
and/or operation phases.
• Installation of refuges to bolster populations of wild rabbits in areas where  
Bonelli’s eagle (Aquila fasciata) and Golden eagle (Aquila chrysaetos) both breed 
and feed.
• Monitoring of the tagging of 23 little bustards, in collaboration with the University 
of Lisbon, with the aim of identifying the characteristics of the preferred habitat  
for the species and the identification of the potential causes that alter its habitat.
• Placement of a drum-type nest for Peregrine falcons.
Protection  
and conservation 
of vegetation
Wildlife 
protection and 
conservation

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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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Thanks to the ‘Birds and power lines: mapping 
of bird flight paths’ project, which ended in  
2016, the Company has identified a set  
of focal species, prone to collision and selected 
according to various criteria (47 species, with 
6 new species added in 2020) and has drawn 
Minimising the risk  
of collision 
The main effect on the fauna of Red Eléctrica’s 
facilities is the risk of birdlife colliding with the 
grounding cables that protect the lines from 
electrical discharges during storms. The main 
measure to reduce this risk is the marking of 
the grounding cables by means of devices that 
increase their visibility. / 304-2
Hábitat Project  
(2015-2021)
This project aims to identify the priority habitats  
of community interest and other habitats of interest 
(included in other protection categories due to their 
endemic nature, scarcity or rarity), present in the 
area of influence of Red Eléctrica’s facilities, as well 
as their state of conservation. The ultimate aim is 
to have information on the interaction of electricity 
transmission infrastructure with these habitats and 
use it in the decision-making process regarding 
maintenance, so as to promote habitat preservation 
through appropriate management actions.
In collaboration with the autonomous communities 
and experts in the field, the habitats of interest 
present in the area of influence of the facilities 
(50 m on each side of the lines for 100% of 
the transmission grid) have been mapped and 
characterised. The digitalised information, once 
validated in the field, have been consolidated into 
a single nationwide layer compatible with the 
corporate geographic information system.
Besides, a system of indicators has been developed 
for the assessment of the effects, reflecting status/
stress/response/monitoring indicators of the 
influence that activities have on habitats.
Lastly, an integrated proposal has been formulated 
for the management and improvement of the 
habitats of interest (for each type of priority  
habitat of community interest), consistent with  
the maintenance needs of the facilities.
2017
2018
2019
2020
10.1%
37.6%
51.2%
60.7%
66.5%
3,072
276.1
375.7
459.7
508.4
764.6
3,180
4,090
4,344
10.7%
13.9%
14.8%
Marking of lines with 
bird-saving devices
Marking of lines with 
bird-saving devices in 
critical priority areas. 
2016-2023 Plan
Note: Cumulative data at the end of each year. This data 
refers to the stretch of line, i.e., the length of the lines 
regardless of the number of circuits they carry. 
In addition to the transmission lines marked in Spain, 
there are 58 km of line marked that belongs to REA (Peru), 
corresponding to 3.72% of the total number of lines. There 
are no lines marked in RECH (Chile).
Note: Cumulative data at the end of each year. This data 
refers to the stretch of line, i.e., the length of the lines 
regardless of the number of circuits they carry. In addition 
to the transmission lines marked in Spain.
(1) The target value fluctuates slightly each year, depen-
ding on the variations in Red Eléctrica de España’s 
facilities (new lines and modifications to existing ones). 
The percentage of line marking refers to the target 
value defined in each of the years.
  km of line marked     
  Percentage of total lines
  km of line marked     
  Percentage over target
2017
2018
2019
2020
Target
2023

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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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formalised through the signing of collaboration 
agreements for the prevention and fight against 
forest fires. Currently, there are 12 agreements 
in force, with a further two in the process of being 
renewed, with a budget of 9,600,000 euros. The 
Company aims to establish this type of agreement 
with all the relevant public administrations in 
Spain. 
In order to compensate for the loss of native 
vegetation as a result of the felling works  
carried out for the opening up of the safety 
corridors for new electricity lines, the Company 
has set up the ‘REE Tree-felling Offsetting 
Forest Project.’ The project began in 2019 with 
the signing of an agreement for the restoration 
of 53 ha of an area that had been burned in the 
municipality of Altura (Castellón), a zone that 
corresponds to 50% of the area of native forest 
affected by the construction of new facilities in 
2018. The project will be completed in 2021.
the lines will reduce the potential risk of collision 
with the electricity transmission grid to 26.7%. 
Information on bird collisions in 2020 is included 
in the Environmental management indicators 
  
section. / 304-2
Red Eléctrica is also working on other relevant 
projects in relation to preventing birdlife collisions, 
including studies aimed at analysing the 
effectiveness of different models of bird-saving 
devices.
Fire Prevention 
In addition to projects aimed at optimising the 
treatment of vegetation, Red Electrica allocates 
numerous resources to minimising the risk  
of fires associated with its activities, having 
created a specific interdisciplinary working 
group to develop improvements in this area. 
During 2020, a review was carried out of 
internal regulations and work criteria (mainly 
its adaptation to the yearly calendar to reduce/
avoid actions in times of risk) and various 
communication materials were generated  
to increase the information available and 
encourage the involvement of people working  
in the Company.
In addition, noteworthy is the importance of 
the active and continuous collaboration of Red 
Eléctrica with the public administrations involved 
in forestry management. This cooperation is 
up sensitivity maps (areas where these 
species may be found and which must be 
considered for the definition of new power 
line routes) and risk maps (sensitive areas 
where there are also factors that influence the 
probability of accidents occurring). Based on 
this information, the 2016-2023 multi-year 
line marking plan has been defined, which 
prioritises actions on the sections of line with 
the greatest potential impact on birdlife. It 
is expected that the progressive marking of 
Compatibility  
of the  
facilities  
with marine  
fauna
In 2020, a study was carried out on the impact 
of submarine cables on cetaceans and sea 
turtles, which consists of making an inventory 
of these species in the surroundings of the 
submarine cables, studying their interaction 
with the activities of Red Eléctrica, identifying 
the potential impacts on them and designing 
preventive/corrective measures to minimise  
the effects.
Fire prevention innovation  
projects 
Vegeta
Prodint

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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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REPORT
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In addition, Red Eléctrica has launched various 
projects aimed at determining and enhancing 
the capacity of infrastructure as a biodiversity 
reservoir and a generator of natural capital.
More information on the actions aimed at 
improving the conservation of biodiversity is 
included in the Conservation of natural capital 
  
section of this report.
In general, initiatives focus on those aspects of 
biodiversity most closely related to the impacts  
of the Company’s activities. For this reason, 
they are mainly focused on the conservation 
of habitats and the preservation of birdlife, 
specifically for focal species (those most prone  
to colliding with the lines).
Contribution to biodiversity 
conservation
304-3 / 304-4
The Red Eléctrica Group actively contributes  
to the conservation of biodiversity, implementing 
various environmental improvement measures 
and promoting different projects for this purpose.
Conservation of endangered species:  
2020 projects
• Reintroduction of the Black Vulture (Aegypius 
monachus) (1) in the province of Burgos.
• Behavioural patterns of transmission line usage by 
Iberian Egyptian Vultures (Neophron percnopterus) (1) 
monitored by GPS devices, in Fuerteventura.
• Platforms for Ospreys (Pandion haliaetus) (1)  
in Andalusia.
• Reintroduction of the Bonelli’s Eagle (Aquila  
fasciata) (1) in Majorca.
• Reintroduction of the Bearded Vulture (Gypaetus 
barbatus) (2) in the Community of Valencia.
• Foraging grounds and movements of the 
Canarian Houbara Bustard (Chlamydotis undulata 
fuertaventurae) (2) (3) in the Canary Islands.
• Monitoring, conservation and recovery of the Imperial 
Eagle population (Aquila adalberti) (2) (3) in Doñana.
• Effects of global change on Iberian Egyptian  
Vultures (Neophron percnopterus) populations) (1) (4)  
in Catalonia.
• Reintroduction of the Osprey (Pandion haliaetus) (1)  
in the Marjal de Valencia Natural Park. 
• Nesting platform for Iberian Egyptian Vulture  
(Neophron percnopterus) (1) in an electricity tower 
in Extremadura.
• Monitoring actions for the conservation and protection 
of the Montagu’s harrier (Circus pygargus) (1), Marsh 
harrier (Circus aeruginosus) and Hen harrier (Circus 
cyaneus) species in Extremadura.
(1) Vulnerable species according to the national catalogue of endangered species. (2) Species in danger of extinction according to the national catalogue  
of endangered species. (3) Vulnerable species according to the IUCN red list. (4) Endangered species according to the IUCN red list. (5) Species regionally  
extinct according to the IUCN red list.
This initiative aims to identify, diagnose and assess  
the effectiveness of electricity lines (tower bases  
and safety corridors) and substations as biodiversity 
reservoirs that facilitate the connectivity of  
fauna between the different protected natural  
areas.
In this context, Red Eléctrica has carried out some  
pilot projects:
• Biotransporte project.
• Naturaleza en Red.
• Life Boogi Bop project.
BIORED
The electricity transmission  
grid as a biodiversity reservoir 
and a generator of natural 
capital

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A BENCHMARK 
REPORT AT THE  
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RED ELÉCTRICA
GROUP
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STRATEGY
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CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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As part of the path towards a sustainable 
energy model, the Company is committed to 
the integration of the circular economy in the 
development of its activities. In this regard, since 
2018, Red Eléctrica has been a member of the 
Pact for a Circular Economy.
The commitment of the Red Eléctrica Group 
in this area was materialised in 2019 with the 
preparation of a Circular Economy Roadmap  
that will allow it to be a leading company in the 
circular economy in 2030. This is one of the  
11 Sustainability Goals that the Company has  
set for the 2030 horizon.
The Roadmap establishes the objectives  
to be achieved and the different actions to be 
carried out in order to progress towards their 
fulfilment. During 2020, a monetisation process 
was carried out to quantify, under a single, 
objective criterion, the impacts derived from 
the implementation of each of the measures it 
contains and of all the actions as a whole. In the 
assessment, both the impacts on the Company’s 
profit and loss account (financial perspective) 
Circular economy 
103-1 / 103-2 / 103-3
T
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 b
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 a
 l
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2
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0 
  
∂
 
∂
 
∂
 
∂
 
∂
 
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∂
 
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∂
 
∂
 
∂
 
∂
 
∂
 
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∂
Circular 
Economy 
Roadmap
Raw  
material 
consumption
Cross-cutting 
actions
Energy
Zero  
waste
Soil
Water

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GOVERNANCE
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COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
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8
CONTRIBUTION  
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Consumption of raw materials
Noteworthy is the development of the  
DIN2020 project, which establishes the criteria 
for the homologation of equipment, materials 
and construction solutions applicable to the 
It is worth mentioning that everything related  
to energy is included in the framework of  
the Climate Change Action Plan and is detailed  
in the Reduction of the Carbon Footprint 
 
section in this report.
and the impacts on the environment and society 
(sustainability perspective) have been considered. 
This work facilitates the prioritisation of the 
measures by ‘identifying those with the  
greatest benefit’, as well as their monitoring  
and influence.
Progress on the objectives  
of the Circular Economy 
Progress on 2030 targets
Fulfilment of 2020 actions
Water
5.40%
100%
Progress on 2030 targets
Fulfilment of 2020 actions
Cross-cutting 
actions
15.62%
67%
Progress on 2030 targets
Fulfilment of 2020 actions
Consumption  
of raw materials
10.80%
88%
Progress on 2030 targets
Fulfilment of 2020 actions
Zero waste
9.61%
100%
Progress on 2030 targets
Fulfilment of 2020 actions
Soils
9.43%
100%
• Creation of a circular supply network
• Identification of the environmental impacts of 
equipment and materials from their point of origin 
(equipment and materials passport)
• Integration of circularity criteria in procurement 
tenders for equipment
• 20% of tenders for equipment with clauses involving 
suppliers in maintenance and end-of-life management 
of the equipment
• 0% single-use plastics
• 100% eco-friendly packaging, recycled, recyclable  
or reusable packaging in the supply of equipment and 
materials
• Sustainable transformers (use of vegetable esters 
instead of mineral oils)
• Innovation and technological development  
(eco-friendly designed equipment and materials)
• Material savings associated with the new DIN2020 
standard.
Objectives of the 
2030 roadmap 
Materials

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RED ELÉCTRICA
GROUP
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STRATEGY
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CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
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development of the 2021-2026 Plan. The 
engineering and construction solutions  
integrated into this project are characterised  
by the promotion of efficiency, mainly associated 
with the saving of materials. The application  
of the new criteria to the development of the 
planning as a whole will lead to a reduction  
of more than 4.5 million tonnes of excavated  
earth and more than half a million tonnes of 
concrete.
Zero waste
• 0% waste to landfill
• 100% SF₆ waste reduction
• 100% reduction of waste from contaminated 
land (treatment of 100% of the soil affected  
by accidents)
• Reduction of waste generation associated  
with the new DIN 2020 standard.
Objectives of  
the 2030 roadmap 
Zero waste
PREVENTIVE OR  
CORRECTIVE MAINTENANCE 
Tasks 
Revisions, changes of parts, oil renewal, etc.
Action 
IN THE CASE OF ACCIDENTS
The containment measures used in the event of leaks  
or spills and the clean-up work can involve a large 
amount of waste.
FACILITY
Improvements
Renovation of obsolete switchgear, adaptation  
of accident prevention systems, etc.
Generation  
of waste  
by Red  
Eléctrica 
In 2020, 63% of the total waste was recycled, 
regenerated or recovered.

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GOVERNANCE
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COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
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8
CONTRIBUTION  
TO SOCIAL,  
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ANNEXES
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In addition to these measures and to 
minimise the risks related to leaks and spills 
of hazardous substances, the organisation 
has voluntarily carried out the project for 
the assessment of environmental risks and 
identification of environmental liabilities in 
electricity substations (2015-2017), which 
gave rise to an action plan, prioritised by  
their urgency, to reduce, control or completely 
eliminate the risks identified. Since 2017, when 
the Company began to implement this plan, 
soil and groundwater characterisation actions 
have been carried out at 23 sites (six of them 
in 2019).
Furthermore, rigorous procedures have been 
established for the characterisation of the subsoil 
in new substation locations, to eliminate risks 
related to incidents that occurred prior to the 
activity of Red Eléctrica.
Soils 
In 2020, an emergency intervention service 
has been implemented regarding land-based 
environment that allows a prompt and effective 
response to accidental spillages and the urgent 
recovery of possible environmental damage  
at the site of the incident, thus minimising 
possible risks and damage to the environment.
Noteworthy zero waste projects
Red Eléctrica began in 2018 to design zero waste to landfill models for its 
facilities. In 2020, the model applicable to all Red Eléctrica buildings in Spain was 
developed, and in 2021 the awareness campaign will be carried out to begin with 
the implementation of the same.
Work is focusing primarily on bioremediation, as a technology that, in addition 
to detoxifying the soil, restores its ecological functions. In this regard, the aim 
is to identify bacterial cultures with maximum degrading capacity for those 
substances used by Red Eléctrica.
During 2020, a review of the stock in the Company’s warehouses has been 
carried out and its usefulness has been defined, having acquired a commitment 
to reuse any stock, up until 2036, that can still be used. The stock catalogued  
as ‘useful’, but which the Company is not planning to use, will be sold for reuse  
by a third party.
Zero waste  
to landfill
Sustainable treatment 
methods for soils and 
groundwater affected 
by dielectric oils or 
hydrocarbons
Reduction 
of excess stock
• Action plan for the prevention of hydrocarbon leaks 
and mitigation of their impacts
• Decontamination of 100% of the soils affected 
by hydrocarbons in accidents. 
• 100% reduction in the use of phytosanitary products  
in substations.
Objectives of  
the 2030 roadmap 
Soils

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CORPORATE  
GOVERNANCE
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COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
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Cross-cutting 
actions
Globally, and to optimise the consumption  
of resources, the generation and management  
of waste and the efficiency of processes, the Red 
Eléctrica Group is working on the implementation 
of digital technologies and the integration  
of circular criteria in all its activities.
Water
The Company is working on the Sustainable 
Water innovation project, which seeks to 
capture atmospheric water by means of cooling 
technologies that use airflow condensation,  
for the supply of water in electricity  
substations.
•  Integration of circularity criteria in all activities,  
incorporation in 100% of the internal regulations.
•  Management of 100% of projects with digital tools.
Red Eléctrica is 
working on the 
implementation 
of digital 
technologies 
and the 
integration  
of circular 
criteria in all  
its activities.
• Reduction of water consumption in all work 
centres to 6.5 m³/employee/year.
• REINCAN: 100% reuse of water consumed 
on-site (work has not yet started).
Objectives of  
the 2030 roadmap 
Water
Objectives of  
the 2030 roadmap
Cross-cutting  
actions

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GOVERNANCE
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COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
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DECARBONISATION  
OF THE ECONOMY
7
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• REE (Red Eléctrica de España S.A.U.)
• REC (Red Eléctrica Corporación S.A.)
• REI (Red Eléctrica Internacional)
• REINCAN (Red Eléctrica infraestructuras  
en Canarias)
• REA (Red Eléctrica Andina)
KEY TO THE COMPANIES INCLUDED (scope of the data)
• REINTEL (Red Eléctrica infraestructuras de Telecomunicación)
• RETIT (Red Eléctrica y de Telecomunicaciones, Innovación  
y Tecnología)
• RECH (Red Eléctrica de Chile)
• HISPASAT
Total water withdrawal by source / 303-3 / 303-5
Presence of facilities  
in Red Natura spaces / 304-1
	
2018	
2019	
2020
Head Office (m³)	
10,479	
10,196	
3,217
Other work centres (m³)	
12,088	
10,151	
23,888
Total of all work centres (m³) (1)	
22,566	
20,347	
27,105
Scope of the data: REE+REC+REINCAN+REI+REINTEL. Data for 2020 includes REA+ RECH + HISPASAT.
(1) The figure has a coverage of 83.5% in terms of personnel, including collaborators.
(2) Of the total reported in 2020, 12,802 m³ correspond to the companies incorporated in the same year. 
Note 1. The water consumed comes from the municipal water supply network (68.6%), wells (14.07%),  
cisterns (17.32%). In some centres, there are cisterns for the accumulation of rainwater for sanitary use,  
fire prevention and irrigation. The cisterns do not have mechanisms for counting the water stored, so it is 
not possible to calculate the percentage of rainwater use.
Note 2. 86% of water is consumed in areas at high risk of water stress (high or extremely high-risk areas  
have been considered for the ‘Baseline Water Stress’ indicator published in WRI’s ‘Aqueduct Water Risk 
Atlas’ tool).
REE (1)	
2018	
2019	
2020
Km of line in Red Natura/total km of line (%) 	
15.1	
15.58	
15.51
Number of substations in Red Natura/number  
of substations (%)	
5.75	
5.69	
5.74
Surface area of facilities in Red Natura/total Surface  
area in Red Natura (%) (3) 	
0.08	
0.08	
0.08
REA (2)	
	
	
2020
Km of line in protected areas/total km of line (%) 	
	
	
3.05
Number of substations in protected areas/number of substations (%)	
	
0
Surface area of facilities in protected areas/total Surface area  
in protected areas (%) (3) 	
	
	
0
Scope of the data: REE + REA+ RECH.
No RECH facilities are located in protected areas.
(1) Red Natura (Natura 2000 Network) includes: SCI (Site of Community Importance) and SPA (Specially 
Protected Areas for birds).
Note 1. The most updated database published by MITERD is used to calculate the indicators.
Note 2. The mapping of facilities in service is improved and updated annually, which may result in some  
variations in the calculations that are not related to the increase or decrease of facilities.
(2) Protected areas according to legislation: National Reserve and buffer zone.
(3) Area occupied by lines, substations and submarine cables. The area occupied by the lines has been  
calculated assuming an occupation of 20 metres on each side of the line. It is necessary to take into account 
that the occupation is overhead; there is only real occupation in the case of the towers. The area occupied  
by the submarine cables has been estimated at 1 metre on each side of the line.
Environmental management 
indicators
(2)

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7
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Description of the most significant impacts on biodiversity / 304-2
Most relevant impacts on vegetation
400 kV Baza-Caparacena line: 350 m² affected area with 
inventoried presence of Clypeola eriocarpa, a ‘vulnerable’  
small plant species in the Andalusian Catalogue of  
Threatened Species.
220 kV Incoming and outgoing feeder lines in Puente-Bibey: 
felling of small oak trees in an area of 40 m².
220 kV Beniferri-La Eliana line (underground): felling  
of 5 orange trees and an olive tree in the Turia Natural Park.
220 kV Caletillas-El Rosario line: occasional clearing of Paris 
daisy Argyranthemum frutescens, a species native to the 
Canary Islands.
400 kV Senmenat-Vic-Bescanó line: pruning and felling  
of vegetation on 1.8 ha of forest land (holm oak, chestnut, 
oak, Douglas fir, holly and undergrowth) in the Plan for Areas  
of Natural Interest of Catalonia of Les Guilleries-Savassona  
(ZEC - Special Conservation Zone and Specially Protected  
Area in the Red Natura 2000 Network). The damage occurred 
during work associated with the repair of damage caused 
by a storm.
400 kV Asomada-Carril line. Affecting 15 m² in a Red Natura 
2000 protected area, Site of Community Interest (SCI) Sierra 
de Almenara, due to a fire generated after the passage  
of a maintenance vehicle.
Scope of the data: REE.
Note: in addition, 2 fires have been registered in 2020, affecting  
135 m² of grassland and scrubland that do not contain any species  
of environmental interest.
Most relevant impacts on the marine environment
400 kV Tarifa-Fardioua submarine cable: spillage  
of 7,037 litres of dielectric oil due to failure of the outer  
sheath. This was located in Moroccan waters in the Strait 
of Gibraltar at a depth of 200 metres. The area is not 
catalogued with any type of environmental protection, 
although UNESCO considers the Strait of Gibraltar as  
a Mediterranean Intercontinental Biosphere Reserve. 
New 132 kV Majorca-Menorca 2 submarine cable: during 
construction, the Posidonia oceanica seagrass meadow  
was affected because the established technical contracted 
width for the line was exceeded (0.5 m). The technical  
width was exceeded in one section leading to an increase  
in the area affected. Recovery measures are being carried 
out on an area of 2,386 m², in Red Natura 2000, SCI Canal  
de Menorca.
Scope of the data: REE.
Impacts detected in 2020 regarding endangered species
Species	
No. of birds affected 
Southern grey shrike (Lanius meridionalis) (1)	
5
Iberian Egyptian Vulture (Neophron percnopterus) (2) (4)	
1 
Red kite (Milvus milvus) (3)	
1
Cory’s shearwater (Calonectris diomedea) (2)	
13
Bearded vulture (Gypaetus barbatus) (3)	
1
European Turtle Dove (Streptopelia turtur) (1)	
1
Scope of the data: REE.
A total of 241 birds have been affected, 235 by collision and 6 by other causes  
(3 electrocutions), only the endangered species are reported.
(*) Electrocution (the rest of the cases were collisions).
(1) Vulnerable species according to the IUCN red list. / 304-4
(2) Vulnerable species according to the national catalogue of endangered 
species. / 304-4
(3) Species in danger of extinction according to the national catalogue  
of endangered species. / 304-4
(4) Species in danger of extinction according to the IUCN red list / 304-4
Note: a sanction proceeding (for environmental liability) opened in 2020  
as a consequence of the collision of an imperial eagle (Aquila adalberti) (1) (3) 
that occurred in 2019 and was reported in the corresponding sustainability 
report is currently pending resolution.

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Species included in the IUCN Red List and the national conservation list whose habitats  
are located in areas affected by operations / 304-4
Scientific name	
Common name	
Classification according to MITERD	
Classification according to the IUCN red list
	
	
 (Spanish Catalogue)	
Aegypius monachus	
Black vulture	
Vulnerable 	
Near threatened (NT)
Aquila adalberti	
Imperial eagle	
In danger of extinction 	
Vulnerable (VU)
Aquila fasciata	
Bonelli’s eagle	
Vulnerable	
Least concern (LC)
Ardeola ralloides	
Squacco heron	
Vulnerable	
Least concern (LC)
Aythya nyroca	
Ferruginous duck	
In danger of extinction	
Near threatened (NT)
Botaurus stellaris	
Euroasian bittern	
In danger of extinction 	
Least concern (LC)
Burinus oedicnemus distinctus	
Stone curlew (West Canarian) 	
Vulnerable	
Not evaluated (NE) - Species endemic  
	
	
	
to the Canary Islands
Calonectris diomedea	
Scopoli’s shearwater	
Vulnerable 	
Least concern (LC)
Chersophilus duponti	
Dupont’s lark	
Vulnerable 	
Vulnerable (VU)
Chlamydotis undulata	
Houbara bustard	
In danger of extinction 	
Vulnerable (VU)
Ciconia nigra	
Black stork	
Vulnerable	
Least concern (LC)
Columba bollii	
Bolle’s pigeon	
LESRPE (Spanish List of Specially Protected Wild Birds)	
Least concern (LC)
Columba junioniae	
Laurel pigeon	
Vulnerable	
Near threatened (NT)
Cursorius cursor	
Cream-coloured courser	
LESRPE 	
Least concern (LC)
Dendrocopos leucotos	
White-backed woodpecker	
In danger of extinction 	
Least concern (LC)
Falco peregrinus pelegrinoides	
Barbary falcon	
In danger of extinction	
Not evaluated (NE) - Species endemic  
	
	
	
to the Canary Islands
Fringilla teydea subspp	
Blue chaffinch	
In danger of extinction (Gran Canaria) / Vulnerable (Tenerife) 	
Endangered (EN)
Fulica cristata	
Crested coot	
In danger of extinction	
Least concern (LC)
Geronticus eremita	
Northern bald Ibis	
LESRPE 	
Endangered (EN)
Gypaetus barbatus	
Bearded-vulture	
In danger of extinction	
Near threatened (NT)
Lagopus muta	
Rock ptarmigan	
Vulnerable 	
Least concern (LC)
Lanius meriduonalis	
Iberian grey shrike	
LESRPE 	
Vulnerable (VU)
Marmaronetta angustirostris	
Marbled duck	
In danger of extinction	
Vulnerable (VU)
Milvus milvus	
Red kite	
In danger of extinction	
Least concern (LC)
Neophron percnopterus	
Griffon vulture	
Vulnerable 	
Endangered (EN)
Continued on next page >>

287
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VALUE CREATION  
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Species included in the IUCN Red List and the national conservation list whose habitats  
are located in areas affected by operations / 304-4	
(continued)
Scientific name	
Common name	
Classification according to MITERD	
Classification according to the IUCN red list
	
	
 (Spanish Catalogue)	
Neophron percnopterus majorensis 	
Canarian Egyptian vulture	
In danger of extinction	
Not evaluated (NE) - Species endemic  
	
	
	
to the Canary Islands
Otis tarda	
Great bustard	
LESRPE 	
Vulnerable (VU)
Oxyura leucocephala	
White-headed duck	
In danger of extinction	
Endangered (EN)
Pandion haliaetus	
Osprey	
Vulnerable 	
Least concern (LC)
Pterocles alchata	
Pin-tailed sandgrouse	
Vulnerable 	
Least concern (LC)
Pterocles orientalis	
Black-bellied sandgrouse	
Vulnerable 	
Least concern (LC)
Streptopelia turtur	
European turtle dove	
Not included 	
Vulnerable (VU)
Tetrao urogallus aquitanicus	
Aquitanian capercaillie	
Vulnerable 	
Not evaluated (NE)
Tetrao urogallus cantabricus	
Cantabrian capercaillie	
In danger of extinction	
Not evaluated (NE)
Tetrax	
Little bustard	
Vulnerable 	
Near threatened (NT)
Scope of the data: REE. 
The main impact on protected species caused by Red Eléctrica’s operations is that arising from the collision of the birds with the lines. Within the framework of the project of ‘Birds and power lines: mapping of bird flight paths’ species that are prone  
to colliding with the Red Eléctrica’s overhead electricity lines have been identified (focal species, a total of 47) and whose habitats are in areas where these lines exist. 
Of the 47 species registered, those identified as threatened are included in this indicator. In addition, species for which accidental collisions were identified in 2020, although not listed as focal species (Scopoli’s shearwater (Calonectris Diomedea), Iberian 
grey shrike (Lanius meridionalis) and European turtle dove (Streptopelia turtur), have been included in the list.

288
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Waste broken down by type and method of disposal / 306-2
Leaks and spills in 2020 (1) (2) / 306-3
Hazardous waste (kg)
Waste management method (2)	
2018	
2019	
2020
Reuse	
14,840	
0	
0
Recycling	
1,491,163	
293,670	
212,551
Regeneration	
535,600	
818	
4,748
Energy recovery	
9,323	
0	
0
Removal	
985,949	
252,612	
19,355
Total (1)	
3,036,874	
547,100	
236,654
Scope of the data: REE + REC + REINCAN + REI + REINTEL. Data for 2020 includes REA+ RECH + HISPASAT.
Non-hazardous waste (kg)
Waste management method (2)	
2018	
2019	
2020
Reuse	
0	
30,400	
23,110
Recycling	
1,349,467	
534,994	
411,342
Regeneration	
3,700	
0	
0
Energy recovery	
220	
625	
200
Removal	
171,463	
152,968	
360,011
Total (1)	
1,521,150	
718,987	
794,664
Scope of the data: REE + REC + REINCAN + REI + REINTEL. Data for 2020 includes REA+ RECH + HISPASAT.
(1) 2020 includes the waste managed in all the companies of the Group for the first time, so it is not comparable with that reported  
in previous years. The waste generated by REE represents more than 95% of the hazardous waste and more than 70% of the  
non-hazardous waste generated in the Group. In the case of REE, there has been a reduction of 322t of hazardous waste (225t managed 
in 2020) and 155t of non-hazardous waste (564t in 2020), due to the limitation of maintenance actions and renovation and improvement 
projects resulting from COVID-19. In addition, hydrocarbon-contaminated soil waste has been reduced due to the decrease in the number 
of accidents.
(2) Waste management corresponds to that which appears in the legal documentation for its management thereof. The amount  
of waste to be recycled was 63% (included in the generic category of recycling: reutilisation, recycling, composting, anaerobic digestion 
and regeneration). The reduction in this percentage with respect to 2019 (68%) is associated with the increase in the generation  
of hazardous waste that cannot be recycled. 
306-4 Waste treatment of used SF₆ gas, which is out of specification, generated in Spain which consists of the regeneration of the  
gas for its subsequent reuse, is carried out in France. This means that 1.34% of the total hazardous waste has been shipped abroad.
306-1 Once the plan for the elimination / decontamination of transformers, equipment and oil with PCB was completed in 2010, the 
quantities that are now produced are caused by the elimination of old equipment that is sealed and which turns out to be contaminated 
at the end of its useful life. In 2020, 1,964 Kg of equipment contaminated with PCB was managed.
Oil or hydrocarbon leaks  
and spills during equipment use  
and maintenance 
Scope of the data: REE.
(1) Events classified as being incidents of minor relevance are not included.
(2) Classification of accidents according to their severity on a scale of 1 to 5  
(1 mild-5 serious).
(3) There have been two accidental spills classified as minor:
- Spill of 8-9 litres of oil from a voltage transformer affecting a floor area of 6 m². 
The affected area has been cleaned up.
- Spill of diesel oil from the oil tank of a generator at the Moraleja Head Office buil-
ding. There was a spill of 200 litres of diesel oil which impregnated approximately 
4 m² of the concrete floor of the generator room in the basement area. The spill 
reached the lower floor (garage) and generated a diesel oil stain of less than 1 m² 
on the floor. The clean-up work has been completed.
(4) There have been six accidental oil spills classified as significant:
- Spill of 917 litres of oil from a reactor. The oil was contained in the collection tank 
and did not affect the substation floor.
- Spill of 120 litres of oil due to the breakage of a circuit breaker affecting a surface 
area of 25 m². The clean-up work has been completed.
- Spill of 900 litres of diesel oil due to an error during the refuelling of emergency 
generator sets, affecting an area of 10 m² of unpaved ground around the  
equipment. The clean-up work has been completed.
- Spill of 400 litres of oil from a reactor. Of the oil spilt, 75 litres reached the ground, 
with the rest remaining on the reactor itself and its base structure. It affected  
8 m² of floor space. The area has been cleaned up.
- Spill of 40 litres of oil due to the explosion of a current transformer on the ground, 
affecting some 20 m². Work is being carried out to clean up the area.
- Spill of 100 litres of oil from the explosion of two voltage transformers affecting  
a surface area of 80 m². Clean-up work is in the planning phase.
(5) There has been an accidental oil spill classified as a major accident:
- Spill of 7,037 litres of oil due to the breakage of the outer sheath of the 400 kV 
Tarifa-Fardioua underwater cable (cable 4) which was pending repair after a 
previous break located some 4.5 kilometres off the Moroccan coast and at a depth 
of some 200 metres, in Moroccan territorial waters. The fault has been sealed. The 
strong currents in the area have made it impossible to detect oil on the surface 
and to cordon off the affected area.
No accidents of a serious nature occurred in 2020. No spillage has been included in 
the organisation’s financial statements.
1
2
3
4
5
0
2
6
1
0
(4)
(5)
(3)

289
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LETTER FROM  
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AND FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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REPORT
2020
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Non-compliance with environmental laws and regulations in Spain / 307-1
Non-compliance with environmental legislation and regulations - LATAM
	
	
2018	
	
2019	
	
2020
Type of infringement	
No. of cases	
Amount (€)	
No. of cases	
Amount (€)	
No. of cases	
Amount (€)
Fire risk (lack of maintenance of vegetation or the  
abandoning of material)	
∫	
∫	
1	
270	
∫	
∫
Unauthorised felling and pruning	
2	
1,451	
2	
1,667	
1	
10,800
Obstruction of waterway / Unauthorised works in protected areas	
∫	
∫	
1	
4,800	
∫	
∫
An electricity line crossing over a livestock route without authorisation	
∫	
∫	
∫	
∫	
∫	
∫
Total	
2	
1,451	
4	
6,737	
1	
10,800
Scope of data: REE + REC + REINCAN + REI. Information updated in 2020. Closure of two open cases in 2019.
	
	
	
2019	
	
	
2020
Type of infringement	
No. of cases	
No. of proceedings	
Amount (€)	
No. of cases	
No. of proceedings	
Amount (€)
Incorrect waste management	
4	
4	
27,097	
∫	
∫	
∫
Works without authorisation	
∫	
3	
37,772	
∫	
∫	
∫
Administrative error	
∫	
2	
3,912	
∫	
∫	
∫
Total	
4	
9	
68,781	
∫	
∫	
∫
Scope of data: REA.
(1) Each proceeding groups together a variable number of infringements.
(2) One of the infringements exceeds 10,000 euros.
(3) Two infringements exceed 10,000 euros.
(*)
(*)
(1)
(2)
(3)
(*)
(*)

290
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LETTER FROM  
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TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
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REPORT
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7.5
Supply chain  
103-1 / 103-2 / 103-3
Key indicators  
in 2020
• 7.6 points in overall supplier 
satisfaction.
• 7.86 increase in efficiency  
in terms of CO₂ emissions  
in the overall set of logistics 
services.
• 309 participants in  
anti-corruption and diversity 
training programmes for 
suppliers.
• 133 travel warrants  
provided to suppliers to 
authorise their travel needs to 
deliver essential supplies during 
the COVID-19 scenario.
2020 milestones 
• Approval and publication of the  
new Supplier Code of Conduct.
• Definition and implementation  
of the Supplier Integrity Due 
Diligence Model.
• Management of the supply  
chain during the COVID-19  
scenario, intensifying monitoring 
and identifying alternatives  
to facilitate the guaranteed  
continuity of suppliers.
• Definition of the Workplace  
Safety Management Model for  
the supply chain as part of the 
Red Eléctrica Group’s procurement 
process and its application in two 
pilot projects.
Challenges for 2021
• Implementation of the new 
supplier assessment model 
for sustainability (new ESG 
scoring).
• Assessment, training and 
development of suppliers 
regarding human rights.
• Roll-out of implementation 
of the Workplace Safety 
Management Model for  
the supply chain.
• Updating of the General 
Conditions of Contract  
of the Red Eléctrica  
Group.

291
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TO THE  
COVID-19
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REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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The Red Eléctrica Group, aware of the relevance 
that suppliers have in the carrying out of its 
function, is committed to collaborating on 
developing common goals that improve the 
efficiency of processes and generate mutual 
benefits. For this, in its daily management, the 
Company promotes the values and commitments 
acquired in matters of ethics and compliance, 
working conditions, environment and occupational 
health and safety, guaranteeing that all its 
suppliers also undertake these.
Responsible management 
of the supply chain
The Company has a responsible management 
model based on the principles of non-
discrimination, mutual recognition, 
proportionality, equal treatment, transparency  
and free and fair competition.
The Procurement Master Plan (2018-2022) of the 
Red Eléctrica Group, aligned with the Company’s 
Strategic Plan, promotes the development of 
initiatives that drive the relationship with suppliers 
and the evolution towards new markets to satisfy 
the needs of new businesses, the permanent focus 
on customers and the development of new ways 
of working that allow the team to be more efficient 
and be a driver of change. 
The Red Eléctrica Group has voluntarily participated 
in various initiatives and professional associations 
that strengthen the extension of its commitment to 
sustainability to suppliers, among which it is worth 
highlighting that acquired with the principles of 
the United Nations Global Compact.
The team responsible for managing the supply 
chain of the Company receives constant training 
and continuously monitors the latest trends in 
sustainability, as well as actively participating 
in the training sessions organised by the 
Responsible Purchasing Committee of the Club 
de Excelencia en Sostenibilidad, conferences 
and practical workshops. This, together with 
the participation in numerous cross-cutting 
projects of the Company, allows it to transfer its 
knowledge, vision and best practices in this area 
to the supply chain.
In addition, the Company organises various 
internal training sessions, either on the global 
procurement process or on a specific process 
should any department/area request it. 
The Supplier Code of Conduct
The Company, aware of the importance of the 
actions of its suppliers in its value chain, tries to 
transfer the basic sustainability criteria to those 
who supply goods or services, criteria based on 
the 10 principles of the Global Compact, which 
include the United Nations guidelines on human 
rights, labour conditions, the environment and the 
fight against corruption. 
The Red Eléctrica Group 
actively participates in the 
Responsible Purchasing 
Commission led by the 
Club de Excelencia en 
Sostenibilidad.

292
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COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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The Supplier Code of Conduct establishes the 
minimum ethical, social and environmental 
requirements that all suppliers must accept and 
comply with in order to work with Red Eléctrica, 
assuming the commitment to extend it to their 
own supply chain.  
In 2020, the Company initiated a review and 
update of the Supplier Code of Conduct in order 
to transfer to the supply chain new sustainability 
criteria (environment, ethics, occupational health 
and safety, well-being and diversity), to adapt it 
to best practices in relation to due diligence with 
third parties and ensure its alignment with the 
update of the Code of Ethics and Professional 
Conduct of the Red Eléctrica Group, approved 
in 2020. Eight areas of the Company have 
participated in this process and have received 
advice from the benchmark entity in the field  
of integrity, Transparency Internacional. 
The main new features included in the Code refer 
to aspects and concepts in the areas of cyber 
security, data protection, disability and diversity, 
climate change, circular economy and reputation. 
It also includes a new section on supplier 
responsibility and the management of non-
compliance with the Code, with possible actions 
taken depending on their severity.
In force since June 2020 and approved by the 
Executive Committee, the new document has 
been disseminated internally to all employees 
of the Company, as well as externally through 
different channels (corporate website, through  
a campaign, via the incorporation of a link in 
tender documents, etc.).
During 2020, in order to verify correct 
compliance with the Supplier Code of Conduct, 
social audits were carried out on 45 suppliers. 
As a result of these audits, 38 action plans 
have been agreed with 18 of them, enabling 
the development of the supplier and verifying 
the improvement implemented. The results of 
these audits, and their corresponding findings, 
are shared internally, emphasising the detection 
of major non-conformities so that these are 
resolved in due time and form. If this does not 
happen, the supplier may be blocked (which  
did not occur this year). This situation 
is reversible once the non-conformity is 
satisfactorily resolved by implementing the 
corresponding action plan.
The new 
Supplier Code 
of Conduct 
includes new 
developments 
in the areas of 
cyber security, 
data protection, 
disability and 
diversity, climate 
change, circular 
economy and 
reputation.

293
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A BENCHMARK 
REPORT AT THE  
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STANDARDS
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
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Model for the responsible management of the supply chain
Framework
SUPPLIER
CODE OF CONDUCT
PROCUREMENT  
POLICY
SUSTAINABILITY  
POLICY
INTERNAL  
REGULATION
GUIDE FOR THE
PREVENTION OF CORRUPTION
LAW
31/2007
CODE OF ETHICS AND  
PROFESSIONAL CONDUCT
Levers for ongoing improvement
STRATEGIC PLAN OF THE
RED ELÉCTRICA GROUP
TRANSFORMATION AND RESOURCES
MASTER PLAN (CORPORATE DEPARTMENT)
PROCUREMENT
MASTER PLAN
AUDITS
ASSESSMENTS
OBJECTIVES
AND PROJECTS
CUSTOMER AND SUPPLIER 
SATISFACTION SURVEYS
Pillars
Continuous search 
for the lowest 
expected overall  
cost
• Search for efficiency, 
effectiveness, and 
simplification of 
processes.
• Implementation of 
sourcing strategies 
to optimise own 
resources.
Transparency and the 
separation of functions 
within the management 
processes
• Centralised management 
of the supply chain 
through the separation  
of functions.
• Existence of a specific 
independent department 
for suppliers.
• Maximum communication 
with the supplier in all 
processes.
• Open/transparent supplier 
qualification process.
• Processes in systems 
(traceable and auditable).
Ethical management 
and the development 
of suppliers and 
subcontractors
• Communication channels 
available to suppliers: ASA 
+ Dígame + Compliance 
and whistle-blowing 
channel.
• Campaigns for extending 
the Company’s principles 
and policies to suppliers.
• Specific development 
plans resulting from 
their supervision and 
monitoring.
• Development of medium 
to long-term partnerships.
Minimisation of the risk associated 
with the procurement processes
• Identification of legal / business / 
technical / sustainable impacts and 
risks and categorisation of associated 
suppliers.
• Establishment of requirements that 
mitigate said impacts and continuous 
verification of said requirements in: 
    - The supplier selection process and  
the awarding of contracts.
    - The qualification, subcontracting and 
corporate monitoring of suppliers.
• Acceptance of the Supplier Code of 
Conduct and verification of compliance 
with said Code through business audits.
• Wide range of suppliers.
Free and fair 
competition
• Selection of 
candidates taking 
into account the need 
to ensure sufficient 
competition.
• Ensuring free and 
fair competition 
throughout the award 
process.

294
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3
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4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
A responsible management, model requires correct 
information management, and for this reason, 
the Red Eléctrica Group works continuously  
on the evolution and adaptation of its IT systems,  
with a dual objective:
• Make them more accessible and operational 
for suppliers (publication of the supply tree, 
questionnaires, translation of PRORED, etc.).
• To increase the quality of the analyses that enable 
us to identify and prioritise areas for improvement 
(incident management, subcontracting 
authorisation, etc.).
Supply chain 
102-9 / 204-1
Description of the supply chain 
Red Eléctrica is a driving force for growth that 
favours the business, industrial and social 
development of its environment by creating 
employment throughout the supply chain.
85.4%
corresponds to services 
and construction work 
2,010
companies that 
have worked within 
the framework of 
Red Eléctrica’s 
contracts
599.6
million euros 
spent supplier 
expenditure
14.6%
corresponds to materials 
and equipment
88.7%
of the Group’s 
total expenditure 
within the 
European Union
82.2%
of expenditure 
certified in Spain by 
Group companies 
based in Spain
97.5%
of expenditure 
certified in Chile by 
Group companies 
based in Chile
97%
of expenditure 
certified in Peru by 
the Group’s companies 
based in Peru
1,292
suppliers
718
subcontractors
The supply chain of the Red Eléctrica Group

295
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Comprehensive purchasing   
management phases
In 2020, reverse logistics was boosted for the 
works carried out for the Group through the reuse 
of 64% of the stock that was in this situation at 
the end of 2019. This type of initiative has favoured 
a significant reduction in inventory days, as well 
as a return in sustainability terms. The remaining 
34% has been managed as scrap and as materials 
with a second useful life. The Company is also 
working on efficient delivery routes, real-time 
tracking of deliveries, as well as planning and 
coordinating movements of personnel. This led 
to an efficiency of 9.08% in 2020 in terms of CO₂ 
emissions in the overall set of logistics services. 
The actions carried out have led to an increase 
Risks and impacts on  
the supply chain 
308-2 / 414-2
Among the initiatives that the Red Eléctrica  
Group tackles within the framework of responsible 
management of the supply chain, noteworthy  
is the identification of impacts that supplies have  
on sustainability. Such impacts can then be included 
as possible sustainability requirements to be 
demanded from suppliers. 
The Company has defined an impact matrix for the 
supply of equipment and/or materials, as well as for 
the supply of construction works and services. In total, 
twenty types of sustainability impacts have been 
identified: seven in the area of ethics and working 
conditions, four in the area of occupational health  
and safety and nine in the environmental sphere.
The supply chain impact matrix identifies 
20 types of sustainability impacts: 
seven in the area of ethics and working 
conditions, four in the area of occupational 
health and safety and nine in the 
environmental sphere.
1. Planning 
2. Purchasing management
3. Distribution and logistics
of 7.86 percentage points compared to the 
previous year. This reduction is driven by the 
aforementioned endogenous factors described 
above, spearheaded by the Group and its logistics 
operator. However, the situation arising from the 
state of emergency and its impact on road traffic 
should be taken into account. 
In addition, the supply optimisation model has 
been implemented in Latin America, enabling 
the optimal management of spare parts needed 
by the subsidiary companies in Peru and Chile, 
the possible interchangeability of spare parts 
between countries/companies, the most ideal 
location for sourcing and storage, as well as 
enabling the identification of spare parts that can 
be supplied from Spain.
Comprehensive 
purchasing 
management

296
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Risks and impacts identified in the supply chain and mitigation measures
Risks and impacts 
regarding ethics and 
working conditions
• Reputation
• Bribery and corruption.
• Appropriation and misuse  
of information.
• Discrimination/equality.
• Violation of the fundamental 
rights of workers.
• Lack of ethics in remuneration.
• Impact on the well-being  
of the community.
• Legal/regulatory  
non-compliance.
• Acceptance of the Supplier Code of Conduct.
• Conducting business audits and establishing action plans.
• Certified quality system  
(ISO 9001).
• Implementation of the 
Integrity Due Diligence  
Model for suppliers.
• Due diligence guidelines  
on integrity due diligence  
with counterparties. Criteria 
for determining inherent risk.
• Contracting of an information 
search service regarding 
integrity.
• Assessment of the likelihood 
of compliance with criminal 
prevention, privacy and  
cyber security regulations  
by a supplier.
• Occupational 
health and safety 
management 
system certified by 
a third party (OHSAS 
18001 or similar). 
This requirement 
is compulsory 
for all supplies 
with an impact on 
occupational health 
and safety.
• Environmental 
management system 
certified by a third party 
(ISO 14001 or similar). 
This requirement 
is compulsory for 
all supplies with an 
environmental impact.
• General conditions 
of contract for 
equipment and 
materials, the 
supply of services 
and the provision of 
construction works.
• Proof of a civil liability 
insurance policy, 
being up to date on 
payments regarding 
Social Security, 
Tax Authority, Civil 
Registry, and accident 
insurance.
• Permanent monitoring 
of compliance with 
current legislation.
• Certified quality system (ISO 9001).
• Control and monitoring of suppliers in financial 
difficulties.
• Monitoring of the supplier during the term of the 
contract: verification of qualification requirements 
(business, environmental and occupational health 
and safety).
• Establishment of KPIs and service level agreements 
in contracts, definition of specific clauses per 
contract, in addition to the General Terms and 
Conditions of Contract.
• Minimum requirements (depending on the supply).
• Analysis of references and of previous track record 
relating to prior works.
• Comprehensive evaluation of the supplier prior  
to being included in the tendering process.
• Awareness and supplier development campaigns.
• Diversified contracts with various suppliers offering 
flexibility in the event that the supplies/services 
need to be reallocated.
• Incorporation of 
supplier location in 
determining inherent 
risk within the supplier 
integrity due diligence 
model.
Risks and 
impacts 
regarding 
Occupational 
Health and 
Safety
• Accidents in the 
workplace.
• Work-related 
illnesses.
• Inadequate training 
or experience /
information.
• Legal / regulatory 
non-compliance.
Risks and impacts 
regarding the 
environment
• Impact on biodiversity.
• Impacts on soil and water.
• Climate change
• Air quality.
• Generation of  
non-hazardous waste.
• Generation of  
hazardous waste.
• Energy consumption
• Water consumption
• Legal/regulatory  
non-compliance.
Risks and 
impacts due to 
non-compliance 
with legislation
• Non-compliance with 
the requirements of 
EU Directive 2014/25 
on procurement by 
entities operating 
in the water, energy, 
transport and postal 
services sectors.
Risks and impacts due  
to non-fulfilment of deadlines or 
incidents in the performance of 
the work
• Inability of suppliers to complete  
the execution of the works.
Risks and impacts 
associated with 
the supplier’s 
country of origin
• Risks and impacts 
associated with the 
supplier’s country  
of origin.
Risks and impacts identified
Mitigation measures

297
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The main risks are controlled by means of the 
management systems that are in place and 
the audits carried out periodically, after which 
recommendations and improvements are 
identified, which are the analysed internally  
and subsequently implemented in order  
to continuously improve the processes.
In the event of the identification of a high 
impact, the Company can establish an action 
plan with the supplier, closely monitoring  
its implementation and reserving the right  
to take action with the supplier if necessary.
The identification and prioritisation of risks  
and impacts of the supply chain has allowed 
the Company to establish adequate controls  
to minimise them. In this regard, for each  
of the risks identified, the Company works  
on the qualification, monitoring, training  
and development of suppliers.
In response to the risk of non-compliance 
with a regulation or law by suppliers, the Red 
Eléctrica Group has compliance mechanisms 
such as the Code of Ethics and Professional 
Conduct, the Supplier Code of Conduct, the 
General Conditions of Contract, the Criminal 
Risk Prevention Programme and the Guide for 
the Prevention of Corruption. Furthermore, 
the Company also conducts business audits, 
the separation of functions in the purchasing 
process and the execution of the processes 
entirely through systems that enable their 
traceability and periodic auditing.
In addition, the Company requires the supplier to 
promote anti-corruption monitoring in its area of 
operation to prevent and detect activities such as 
fraud, money laundering or embezzlement.
Compliance culture for the control and  
monitoring of corruption and bribery.
• Definition and implementation of the integrity due 
diligence model for suppliers.
• Drafting of an integrity due diligence action guide  
with counterparties.
• Definition of the criteria for determining the inherent  
risk of suppliers.
• Implementation of due diligence instruments (contracting 
of an information search service regarding integrity).
• Definition and implementation of the integrity incident 
management model.
• Assessing the probability of a supplier’s non-compliance 
with regulations (and, therefore, of being sanctioned), 
monitoring of the degree of maturity of suppliers in 
criminal matters, cyber security and privacy.
Transparency of the 
identified risks.
• Suppliers can access 
the results of their 
company’s assessment 
in terms of compliance 
with criminal 
prevention, privacy and 
cyber security. 
• Suppliers can access 
recommendations to 
help them increase the 
level of legal certainty 
regarding compliance 
and thus mitigate risks.
Culture of privacy 
and proactivity in 
the protection of 
personal data.
• Sensitivity training 
and awareness-
raising actions 
among suppliers, 
encouraging 
them to have a 
conscious, diligent 
and proactive 
attitude towards 
the processing and 
handling of personal 
data.
Noteworthy actions regarding risk

298
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The Company’s compliance system is described in 
the Ethics and compliance 
 section in this report.  
In 2020, the Company defined a workplace 
safety management model for the supply 
chain as part of the procurement process and 
successfully implemented it in 2 pilot projects 
(cyber security operations and international 
travel assistance service), resulting in a 
reduction of the inherent risk after incorporating 
security requirements in the minimum criteria 
for contracting the affected supplies.
The control of human rights in the supply 
chain is carried out through the inclusion of 
specific clauses in the General Terms and 
Conditions of Contract such as ‘Any evidence 
of non-compliance with the aforementioned 
document may be grounds for the termination 
of the Contract or Purchase Order’, ‘The Supplier 
shall, in turn, be responsible for the compliance 
with corporate social responsibility policies 
by the company’s suppliers’, etc., and/or the 
activation of business audits in the event of 
having evidence through the communication 
channels open to suppliers, of an indication 
of non-compliance with any aspect, including 
the Supplier Code of Conduct that all suppliers 
must accept and comply with in order to work 
with the Red Eléctrica Group, including the 
commitment to extend them to their own 
supply chain.
Suppliers with non-conformities in the social 
audit process are given a certain period of 
time to remedy the deficiencies detected. 
Conducting these audits allows the Company 
to verify that the supplier has complied with 
all requirements in order to minimise risk in 
the areas of human resources, environment, 
quality, occupational health and safety risks and 
corporate social responsibility. As a result of 
these audits, improvements or action plans are 
agreed upon that encourage the development 
of suppliers and whose monitoring allows the 
Company to measure their evolution and verify 
the improvements implemented but it can also 
be decided to disqualify a supplier temporarily or 
permanently.
In the case of subcontracting by the supplier, the 
supplier shall be responsible for ensuring that its 
subcontractors also carry out their activities in 
compliance with all the above principles.
The Company’s human rights management 
model is detailed in the Ethics and Compliance 
 
section of this report. 
In 2020, the 
Company defined 
a workplace safety 
management 
model for the 
supply chain 
as part of the 
procurement 
process and 
successfully 
implemented it 
in 2 pilot projects 
(cyber security 
operations and 
international 
travel assistance 
service).

299
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Management of suppliers
Supplier qualification
308-1 / 414-1
The purpose of Red Eléctrica in this phase is 
to attend to the qualification requests of all 
companies. The requirements to be demanded 
from suppliers vary depending on the supply:   
• For recurring supplies, which, due to their nature, 
allows a definition of unambiguous requirements 
to be drawn up and the Company considers 
it necessary, a supplier profile is drafted (a 
questionnaire of minimum requirements), 
which must be passed as a preliminary step to 
qualification.
• For all supplies that have a specific supplier 
profile associated with them, the supplier must 
have an ISO 9001 quality certification.
• For supplies with an environmental impact, the 
supplier must have the ISO 14001 environmental 
certification or equivalent.
• For supplies affecting health and safety, the 
supplier must have the OHSAS 18000 certification 
or equivalent.
The Company carries out a constant review and 
update process of the requirements to be 
demanded from suppliers regarding occupational 
health and safety, ethics and working conditions, 
environmental and diversity aspects, in order to 
implement them into the qualification process. 
In addition, the Company makes the supply tree 
available to suppliers and companies aspiring 
to become providers in which all the supplies or 
services the Company needs are published with 
their corresponding profiles. This information is 
in PRORED and is accessible from the corporate 
website, which allows them to know in advance 
the minimum requirements before starting the 
qualification process, start a registration and 
manage the qualification files, as well as being 
able to update their business and contact details 
at any time, in a single space. This space will 
help improve the agility and transparency of the 
communication between the supplier and the Red 
Eléctrica Group, guaranteeing that the supplier is 
fully aware of the Company’s expectations. It will 
also allow simple tasks to be managed directly by 
the suppliers themselves. In 2020, the Company 
made a special effort to start offering this 
information in English, as a way of making it more 
user-friendly and improving communication with 
non-national suppliers.
In 2020, a new supplier registration 
questionnaire was implemented, following a 
process of review, simplification and updating of 
the previous one, in which work was carried out 
closely not only with the areas responsible, but 
also with other companies in the sector to take 
into account the global vision, as well as having 
been validated by Forética, an external entity 
specialising in this area. Its main objective has 
been to make registration by the supplier more 
efficient, simplify the qualification process and 
gather best practices in terms of supply chain 
QUALIFICATION 
AIMS TO STREAMLINE SUPPLIER 
REGISTRATION, SIMPLIFY THE 
PROCESS AND IMPLEMENT BEST 
SUSTAINABILITY PRACTICES. 
SUPPLIER
New supplier registration 
questionnaire

300
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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sustainability, by incorporating them into the 
questionnaire that suppliers must complete.  
In addition, in some of the questions, evidence  
will be requested from the supplier that they  
are obliged to provide.
Furthermore, within the framework of the 
comprehensive corporate security management 
model, the Company includes, in the new updated 
forms, questions about the supplier’s capability 
to provide certificates regarding corporate 
security: current certificate of the Information 
Security Management System (ISO/IEC 27001) 
and current certificate of the Business Continuity 
Management System (ISO 22301).
Active scouting process  
for suppliers
As part of its diversification strategy, the 
Company has an active supplier scouting process 
for those supplies where it needs to expand its 
supplier portfolio. This search is carried out both 
within Spain and abroad.
In 2020, this process was carried out for 29 
supplies. The suppliers engaged were supported 
during the process to facilitate their registration 
in PRORED, which has allowed 61 new suppliers 
to be incorporated into the portfolio.
Subcontracting
The Company, as part of its commitment to 
transfer its qualification requirements 
 to 
the second level of the supply chain (tier 2), 
requires that those subcontractors who carry 
out activities for suppliers must comply with the 
same requirements demanded of the previously 
qualified suppliers who were awarded the 
contract. 
In 2020, a new module was implemented 
in PRORED that allows the semi-automatic 
management of subcontracting requested 
by suppliers, which has improved control over 
subcontracting in the Red Eléctrica Group, 
gaining agility in the management of this process 
by allowing the average management time for 
subcontracting requests to be 0.8 days from the 
time the documentation submitted by the supplier 
is validated (1.51 days in 2019).
Supplier monitoring   
and development
The objective of the Company in this area is to 
verify both the performance of suppliers within 
the framework of contracts with the Group and 
continuous compliance with the requirements 
demanded at the time of qualification.
In addition, the PRORED space allows for the 
business, technical, legal and social responsibility 
monitoring of suppliers as well as the management 
In 2020, a new 
module was 
implemented 
which allows the 
semi-automatic 
management of 
subcontracting, 
improving 
the control of 
this service 
requested by 
suppliers.

301
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
of identified incidents and plans with defined 
improvement actions. It also communicates to the 
technical and purchasing areas all the pertinent 
information regarding the opening and closing 
of case files regarding their supplier status. It 
also allows the status and control of suppliers 
in financial difficulties to be communicated via 
the system (authorisation/disqualification of 
suppliers in this situation and any associated 
communications), and to change the qualification 
status of a supplier after evaluating the test 
purchase order.
Communication with suppliers 
The Company offers its suppliers various 
communication channels to facilitate and 
improve its service. Among them, noteworthy 
is the ASA channel (Procurement Support and 
Helpdesk) which manages enquiries, doubts and 
grievances/claims from suppliers associated 
with the supply processes, as well as providing 
clarification regarding the content of the Code of 
Conduct for Suppliers. In 2020, a total of 2,305 
supplier enquiries were managed, with an average 
turnaround time of 0.19 days for handling the 
requests from the various stakeholders, well 
below the established turnaround target of 1 day. 
In addition to this channel, the Company has the 
Dígame service and the Compliance and whistle-
blowing channel, available to any stakeholder. 
Noteworthy monitoring actions
• Monitoring of the financial solvency of 
all qualified suppliers and application of 
mitigating measures in 19 of them due to their 
weak financial situation. During the COVID-19 
scenario, the monitoring of the financial 
status of suppliers has been adapted, taking 
into account the sector to which they belong, 
their ability to meet their obligations and the 
detection of non-payments. Similarly, constant 
communication has been maintained with them 
to ascertain their overall financial situation.
• Continuous monitoring of legal aspects such as 
being up to date with payments to the Spanish 
Tax Administration Agency (AEAT), Social Security, 
Civil Liability, etc.
• In 2020, in collaboration with the different areas 
responsible for the contracts, 49 technical 
incidents affecting 40 suppliers were managed, 
and 10 plans with improvement actions were 
defined to rectify the incident and develop the 
supplier. In this process, 1 supplier was issued 
a warning, 4 suppliers were blocked, and 4 
suppliers were disqualified. 
• Establishing key performance indicators and 
service level agreements. 
• During the COVID-19 scenario, communication 
was bolstered further with those suppliers that 
account for 80% of the current contracted 
expenditure, identifying the state of health of 
their employees and their capacity to restart 
temporarily suspended work, processing 
travel warrants for 133 suppliers in order to 
facilitate their mobility and the continuity of the 
manufacturing process.
• In order to verify compliance with the Supplier 
Code of Conduct, during 2020, Red Eléctrica 
carried out business audits on 45 suppliers. As a 
result of the audits, 38 action plans were agreed 
upon with 18 suppliers (who have a specific 
period of time to correct the non-conformities 
identified), allowing the development of the 
supplier and thus confirming the improvements 
have been implemented. The results of these 
audits and their corresponding findings are 
shared internally, with special emphasis on the 
detection of major non-conformities. 
Business 
monitoring
Technical 
monitoring
Social 
responsibility 
monitoring

302
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The Red Eléctrica Group has a communication 
model and a global communication manual 
that establishes the appropriate protocols and 
channels with the Company’s supplier. These are 
made available to all employees of the Company 
on a recurring basis with the aim of conveying 
the same messages to the supplier in the same 
format, ensuring compliance with the principles 
of uniformity, equity, proportionality and 
transparency.
In addition, the corporate website has a 
specific section for suppliers, which includes 
the applicable regulations and processes, as 
well as other information of interest for the 
supply chain, such as: training programmes 
developed for suppliers (anti-corruption, diversity, 
etc.), the holding of workshops with providers, 
results obtained in supplier perception studies. 
Furthermore, relevant news that may be of 
interest to them is published, which includes 
information on both the processes and new 
developments in any area of sustainability that 
may have an impact on the supplier.
Another noteworthy aspect is the meetings 
that the Company holds with key suppliers to 
provide mutual feedback and to foster more 
close-knit ties. These meetings are attended 
by the representative of the technical area, the 
procurement area and the person responsible for 
supplier management. These meetings provide a 
global vision of the current status of the business 
activity, future possibilities, the commercial 
relationship, a view of supplier risk assessment, 
a review of the most relevant issues and the 
exchanging of the most important concerns and 
priorities in the field of sustainability.
During the health crisis caused by COVID-19, 
the Company maintained continuous and fluid 
communication with its suppliers, providing 
them with all the information necessary for the 
correct performance of their work. During this 
period, the Company was heavily involved in the 
management of the supply chain. It is also worth 
highlighting the interaction it maintained with 
its critical suppliers during the weeks when only 
essential services were operating. More detailed 
information can be found in the Our response to 
COVID-19 
 section of this report.   
In 2020, the Company dealt with more 
than 2,000 enquiries from suppliers with 
an average turnaround time of 0.19 days 
for their management.

303
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Furthermore, the Red Eléctrica Group, aware of 
the importance of promoting green or sustainable 
purchases, has signed and published an open 
letter to suppliers (Greener choice), which is 
signed by all the purchasing managers of the 
European TSOs, with a view to promoting in the 
market a greater drive towards the manufacture 
of ‘sustainable’ equipment and solutions that can 
reduce the impact on the environment.
Supplier training and development   
The Red Eléctrica Group offers its suppliers free 
online training provided by experts on different 
topics, such as ethics in the supply chain, carbon 
footprint, risk management in the supply chain, 
cyber security, etc.
During 2020, suppliers participated in webinars 
on the role of cyber security in business 
continuity, COVID-19 and supply chain 
disruption, the importance of sustainability 
in the supply chain, the management 
of sustainable, ethical and responsible 
procurement, etc., with a special focus on risk 
management and supply chain disruptions and 
the improvement of sustainability standards in 
the supply chain. In this way, suppliers were able 
to acquire greater knowledge on these issues, 
share best practices and success stories, as 
well as resolve doubts in real time.
Noteworthy, also in 2020, is that the Company 
launched, in collaboration with the Spanish 
Network of the United Nations Global Compact, 
a training programme on diversity, with the 
aim of helping suppliers to integrate a culture 
of diversity and zero-tolerance to any type of 
violence or harassment, achieving real equality of 
opportunities for all people within the framework 
of the 2030 Agenda. Furthermore, these sessions 
have allowed the Company to convey its vision, 
principles and approach to diversity to the  
Group’s suppliers.
280 people from approximately 160 
suppliers have participated in the 
training programme on diversity 
developed by the Red Eléctrica Group in 
collaboration with the Spanish Network 
of the United Nations Global Compact.

304
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Upon completion of sessions, suppliers will be 
able to understand the barriers faced by these 
groups and how to manage equality and diversity 
within their organisations. In addition, they have 
been provided with support materials to be able 
to expand their knowledge in this area.
This training, which is scheduled to end in 
March 2021, has been well received by the high 
number of participants who have attended the 
sessions so far. During 2020, there were 280 
attendees from approximately 160 suppliers 
who benefited from this initiative, with an 
average overall satisfaction score of 9 points 
out of 10.
As a result of the assessment and monitoring 
of its suppliers, the Company continuously 
identifies aspects in which they must improve, 
developing specific training that allows them not 
only to increase their knowledge and maturity in 
certain matters but also to be fully aware of the 
objectives that the Company has set itself in the 
medium and long term, to identify synergies and 
to favour collaborative work in the achievement 
of the established goals.
New ESG Scoring
In 2020, a new supplier assessment model 
regarding sustainability was defined to 
replace the previous CSR Scoring System. 
This new model is organised around three key 
sustainability pillars, summarised in the acronym 
ESG (Environmental, Social and Governance).
The new scoring system, which is expected to 
be fully implemented by 2021, consists of a 
58-question survey, some of which will require 
the mandatory submission of supporting 
documentation or evidence if the answer to any of 
these questions is ‘yes’, which will allow suppliers 
to be assessed in terms of sustainability.
This new evaluation model will give added value to 
the supplier, as it will allow them to identify areas 
for improvement and to prioritise their efforts in 
sustainability. 
Supplier development guide   
on sustainability
In addition, the Red Eléctrica Group makes a Guide 
available to all its suppliers on its corporate 
website regarding sustainability, which acts as 
a tool that can help to incorporate sustainable 
aspects into the providers business management, 
such as:
• The drafting of a Code of Ethics.
• The drafting of a sustainability policy.
• The promotion of respect for human rights in 
their company and in their supply chain.
NEW ESG 
SCORING SYSTEM 
Defined in 2020, it will replace the 
previous CSR Scoring model and will  
be fully implemented by 2021
58
QUESTIONS
THIS NEW SUPPLIER EVALUATION MODEL 
REGARDING SUSTAINABILITY IS COMPOSED OF
related to the three fundamental  
axes of sustainability: Environmental, 
Social and Governance

305
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
• The identification and management of their 
company’s stakeholders.
• The drafting of a sustainability report.
The Red Eléctrica Group continues to work 
on campaigns aimed at the continuous 
improvement of its suppliers, constantly defining 
new actions (training for its providers, etc.) to 
favour the drafting of the aforementioned aspects 
and their dissemination to the entire supply chain 
for their adoption. 
Dissemination of sustainability goals  
throughout the supply chain
As part of the objective of spreading its 
commitment to sustainability throughout the 
supply chain, the Red Eléctrica Group focuses 
on health and safety, the environment, diversity, 
ethical behaviour and working conditions. 
In this respect, the Company monitors the 
severity and frequency of accidents among its 
contractors and implements measures to ensure 
the occupational health and safety of all the people 
who carry out their activities in the organisation’s 
facilities, as shown in the Workplace safety in 
the supply chain 
subsection of the Employees 
section of this report.  
In terms of the natural environment, the Red 
Eléctrica Group remains committed to the fight 
against climate change and continues to work 
with suppliers to reduce its carbon footprint. In 
this regard, during 2020 work continued on the 
collaboration programme with suppliers which was 
implemented the year before for the reduction of 
emissions with the aim to: 
• Engage suppliers in the Company’s commitment,
• Obtain accurate information from suppliers 
and incorporate it into the calculation of the 
Company’s emissions inventory,
• Determine the degree of maturity of the supply 
chain in this field,
• Define targets for reducing emissions associated 
with the supply chain.
For more information, see the Reduction of the 
carbon footprint 
 section in this report.
Similarly, the Red Eléctrica Group continues 
to work on all the initiatives included in the 
2030 Circular Economy Roadmap of the Red 
Eléctrica Group, which establishes and prioritises, 
aligning itself with the agents in the value chain, 
measures to reduce the consumption of raw 
materials in manufacturing, by substituting 
them for recycled, renewable or biodegradable 
materials and the reuse of these at the end of 
their useful life. This has led to a reduction in 
expenditure (107,000 euros) and the generation 
income (270,000 euros) for the Company, 
as a result of the implementation of the 
procurement levers, resulting in a reduction in 
valued (new) and non-valued (recovered) stock. 
Another aspect to highlight is the identification 
of circularity criteria to be included in the 
specifications and the analysis of tenders  
and technical specifications in which it makes 
sense to incorporate these criteria. 
During 2020, work was carried out in order to 
have a snapshot of the carbon footprint impact 
of the materials supplied to Red Eléctrica. Thanks 
to this approach, it is possible to articulate 
initiatives for the reuse of materials, taking into 
account not only financial efficiencies, but also 
environmental criteria for decision making.
On the other hand, equipment and materials 
that reach the end of their useful life in the 
Company are treated as a priority with a focus 
on sustainable recovery, with the aim of them 
being reused. This type of initiative, as opposed 
to waste management scenarios, is a substantial 
improvement.
This information is detailed in the Responsible 
environmental management 
 section in this 
report.

306
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Additionally, in 2020, a campaign was promoted 
to determine the level of commitment to 
biodiversity of its suppliers, how they are 
incorporating it into their business strategy and  
to what extent the Red Eléctrica Group, through 
its commitment to biodiversity, has been able  
to influence it.
Supplier perception  
survey
In 2020, the Company once again conducted 
the supplier perception survey, highlighting the 
notable increase in the sample of suppliers 
chosen (increase from 170 suppliers in 2018, 
to 338 suppliers in 2020) and the high level of 
participation (61.8%), which equates to a total 
of 209 suppliers (172 in online mode and 37 via 
interviews).
The overall level of satisfaction of the 209 
participating suppliers was 7.6 points out of  
10. Although this is lower than the value of the 
previous survey (7.8), in general, the perception  
of the Company’s management and its degree  
of compliance with requirements and expectations 
is satisfactory (63.6% of those surveyed gave  
a score of 8 or higher).
This survey shows how suppliers have evaluated 
the supply chain and the corporate reputation  
of the Red Eléctrica Group, as well as identify the 
most relevant aspects for suppliers in the field of 
The Red Eléctrica Group actively 
collaborates with its suppliers in aspects 
related to carbon footprint reduction, 
circular economy and biodiversity.

307
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
sustainability. The providers have indicated the 
accessibility to Company personnel, the reliability 
of information and credibility of the Group  
within the sector as strong points, as well as 
its collaborative spirit and professionalism  
of its employees when dealing with suppliers.
On this occasion, an additional question was also 
included on the Company’s performance during the 
COVID-19 health crisis, which was rated positively 
by providers, with an average score of 7.9.
The results, the main conclusions of the 
perception survey and the proposed action plan 
have been disclosed internally throughout the 
Company, through the various communication 
channels and by holding multiple specific 
outreach sessions with the aim not only of sharing 
and analysing these results in detail, but also of 
compiling internal reflections and proposals 
for improvement.
As a consequence of the results obtained  
and once analysed from different perspectives, 
the Company has defined an action plan with 
initiatives for improvement, focusing on those 
aspects which, based on the perception of the 
suppliers surveyed, the organisation has deemed 
appropriate to strengthen and improve. The three 
main courses of action are:
• Supplier training and development, through the 
holding of specific forums.
• Strengthening communication and dialogue.
• Encouraging collaboration with suppliers, 
through the creation of spaces for sharing 
knowledge, best practices and the search  
for synergies and joint solutions.
The Red Eléctrica Group, in its continuous 
quest for transparency of its processes and 
establishing close-knit ties with suppliers, 
externally discloses to all participating suppliers 
the results obtained, the comparison with 
previous years and the action plan defined.  
As a final step, it monitors the report provided 
and the improvement plan, compiling their 
perception of the work carried out and,  
more specifically, of the actions included  
in the improvement plan. Periodically, the 
Company conducts internal monitoring of  
the implementation of the improvement plan,  
in order to ensure that all the actions included  
in the plan are correctly implemented. 
SUPPLIER 
SATISFACTION 
SURVEYS
7.6
THE OVERALL SATISFACTION LEVEL OF  
THE LAST SURVEY CONDUCTED IN 2020 WAS
highlighting the notable increase  
in the samples of suppliers chosen and 
the high level of participation  
(61.8 %), which equates to a total  
of 209 suppliers

308
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
7.6
Customer 
orientation
103-1 / 103-2 / 103-3
Key indicators  
in 2020
• 8.7 points out of 10 for 
customer satisfaction regarding 
Red Eléctrica de España.
• More than 2,000 customers 
in Red Eléctrica de España, with 
more than 3,326 requests for 
access and connection to the 
grid managed.
• 52,222 km of dark fibre optic 
network in Spain.
• 119 permanent HISPASAT 
customers and more than 
1,250 television and radio 
channels distributed by 
HISPASAT.
2020 milestones
• Connection to the LIBRA 
and IGCC European 
platforms.
• New Customer Space 
on the website and new 
Customer Service Portal.
• Award of a Madrid-
Portugal dark fibre optic 
ring for submarine cable 
connectivity.
• Development of broadband 
expansion project in rural 
Segovia.
• Manufacture of the new 
Amazonas Nexus satellite.
Challenges for 2021
• FSkar project for the exchange 
of information on the financial 
settlement of deviation 
mechanisms between systems.
• Continue to listen to customers’ 
needs, the provision of services 
and the data made available  
to clients.
• Prospecting for new fibre 
business associated with 5G 
technology.
• Expansion of REINTEL’s product 
portfolio.
• Progress in the strategic lines 
included in the new HISPASAT 
Strategic Plan.

309
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
contracts with the physical delivery of energy, 
and all parties participating in the technical 
and economic dispatch of the non-mainland 
territories. The group of customers includes 
producers, traders, direct consumers and 
representatives of these groups.
Also, the General Directorates of Energy of the 
various Autonomous Communities, in charge of 
regulation within the scope of their management.
∫ Participants in the electricity market and 
holders of generation and demand dispatch.  
655 market participants, taking part in the 
organised markets or executing bilateral 
Red Eléctrica de España: 
transparency, neutrality 
and proactivity in customer 
management
Customer profiles / EU3
The customers of Red Eléctrica de España are 
those organisations and companies to whom  
the services provided by the Company are 
targeted at and which are grouped into the 
following broad categories:
∫ Regulatory bodies: Ministry of the Ecological 
Transition and the Demographic Challenge 
(MITERD) and the National Commission on 
Markets and Competition (CNMC), responsible for 
regulating and evaluating the management, and 
establishing the remuneration of the regulated 
activities entrusted to the Company. 
Red Eléctrica de España has 
more than 2,000 customers 
and has managed more than 
3,326 requests for access  
and connection to the grid.

310
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
confidentiality in its functions as System Operator, 
both with respect to the transmission activity 
carried out by the Company, as well as with the 
other persons and/or entities with which it has 
relations.
The Company is obliged to publish information 
regarding the results of the energy markets,  
as well as information on processes associated 
with system operation, guaranteeing at all times 
the confidentiality of the data provided by the 
market agents in accordance with the criteria 
of information transparency and confidentiality 
established in the applicable European and 
national regulations in force. The communication 
and publication of information takes place 
through various channels.
out discharge processes or changes to the 
routes of high-voltage electricity lines.
Transparency, neutrality  
and independence 
Within its structure, Red Eléctrica de España  
has a specific organic unit that exclusively 
performs the function of System Operator and 
Manager of the Transmission Grid with the 
appropriate accounting and functional separation 
from the rest of the Company’s activities.
Red Eléctrica de España has a System Operator’s 
Code of Conduct, revised in 2019 and the 
application of which guarantees compliance with 
the criteria of transparency, independence and 
∫ Operators of the interconnected electricity 
systems and of the electricity markets. 
These include the following: operators of the 
interconnected electricity systems; distribution 
companies, operators of the European energy 
contracting markets, participants in the coupling 
processes of the organised markets (OMIE,  
EPEX and NordPool, among others), providers  
of system ancillary services; the Joint Allocation 
Office (JAO, S.A.), the company that performs 
the functions as the European Single Allocation 
Platform (SAP) and those agents/entities that 
purchase long-term capacity rights in these 
auctions, among others.
∫ Other groups. Requesters of local operation  
and maintenance services, and those carrying 
Compliance with the System Operator’s 
Code of Conduct guarantees the 
transparency, confidentiality and 
independence of the Electricity System 
Operator in the performance of its 
functions.

311
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Basis for the publication of information regarding the results of the markets and processes of system operation
Information platforms
Other channels of communication
• EU regulation 543/2013 on 
Transparency.
• EU regulation 1227/2011 on  
Wholesale Energy Market Integrity  
and Transparency (REMIT).
• Implementing EU regulation 1348/2014 
of the EC, of 17 December, on data 
reporting.
• Royal Decree 2019/1997 of 26 
December, by which the Electricity  
Power Production Market is organised 
and regulated.
• Royal Decree-Law 6/2000 of 23 June, 
on Urgent Measures for Intensification 
of Competition in Goods and Services 
Markets.
• 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.
• Law 24/2013 of 26 December on the 
electricity sector.
• EU regulation 2017/2195  
of the European Commission 
establishing a guideline on 
electricity balancing.
• EU regulation 2015/1222  
of the European Commission 
drafting a guideline on capacity 
allocation and congestion 
management.
• EU regulation 2017/1485  
of the European Commission 
establishing a guideline on the 
electricity transmission system 
operation.
• EU regulation 2019/943 
concerning the internal 
electricity market.
Legislation
Platform to ensure compliance with the legal requirements  
for communication and publication of information.  
There is a web for market subjects, accessible through a digital  
certificate https://www.esios.ree.es/en/balance-responsible-
parties and a public website https://www.esios.ree.es/en  
The public website also allows temporary analysis of the  
services managed by the system operator.
e.sios
Since 2014, Red Eléctrica has included  
among its publications the information related 
to the PVPC, in compliance with the provisions 
of Royal Decree 216/2014.
This committee takes place every two months by the operators of the Spanish and 
Portuguese electricity systems (REE and REN, respectively) and provides market agents 
and regulatory bodies with information on the operation of the electricity systems on 
the Iberian Peninsula, on the ancillary services market for the Spanish and Portuguese 
electricity systems, and on energy exchanges through the interconnections of the 
Iberian electricity systems.
In application of the Commission Implementing Regulation 
EU 1348/2014, of the EC, since April 2016, Red Eléctrica has 
been reporting to ACER (Agency for the Cooperation of Energy 
Regulators) the results of the explicit capacity auctions and the 
programme’s in-use nominations of the capacities reported  
by the participants in said auctions.
Voluntary price for the small
consumer (PVPC)
CTSOSEI
Reporting to ACER
Since January 2015, Red Eléctrica has  
sent 100% of the data on electricity markets 
to the ENTSO-E transparency platform  
www.transparency.entsoe.eu, in accordance 
with the Transparency Regulation.
ENTSO-E Web transparency
Red Eléctrica manages this regional information 
platform www.iesoe.eu, where the operators  
of the French, Portuguese, Moroccan and 
Spanish electricity systems publish, in a 
centralised way, the capacity and usage data  
of the electricity interconnections between  
these countries.
IESOE Web
Application for mobile devices  
that shows in real time the status 
of the Spanish Peninsula Electricity 
System through the monitoring  
of a series of relevant indicators  
on System Operation.
redOS app
Other guidelines
Procedure guide  
for the exchange  
of data (ENTSO-E)
Operating procedure
No 9.1 ‘exchanges  
of information with  
the system operator’
approved by the Ministerial 
Resolution of 11/12/20.

312
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
In addition, Red Eléctrica de España participates 
in and leads working and/or monitoring groups 
aimed at increasing communication and 
transparency, such as the Incident Analysis 
Group (GRAI), the Technical Committee for 
Monitoring the Operation of the Iberian 
Electricity System (CTSOSEI), the Market Agents 
Committee (CAM), the Power Measurement 
Group and the Planning Monitoring Group, 
among others.
Lastly, in 2019, an external evaluation of the 
processes and results associated with the 
system operation activity under the SSAE-
18 standard (Standards for Attestation 
Engagements), corresponding to 2018, 
was conducted. In all cases, the evaluators 
concluded that, on the whole, Red Eléctrica de 
España maintains an effective internal control 
system over these processes for the different 
geographical areas under analysis (Spanish 
mainland, Balearic Islands, Canary Islands, 
Ceuta and Melilla). In November 2020, the 
assessment process under the SSAE standard 
was launched for the 2019 financial year.
Four years after the renewal of the e.sios public 
website, following the launch of the ENTSO-E 
Transparency Platform, Red Eléctrica de España 
has initiated a process for the review and 
improvement of this website. Thus, during 2021, 
a series of actions will be carried out that seek 
cohesion to strengthen further the Company’s 
commitment to transparency with a view to 
the full implementation of the Internal Energy 
Market in Europe.
In relation to ENTSO-E’s transparency platform, 
it should be noted that in early 2021 it will 
have a new module to validate EIC codes, thus 
guaranteeing the quality of the information 
provided and avoiding data redundancies. 
Improvements in cyber security are also being 
implemented. ENTSO-E is continuing to develop 
the platform to support the FSkar project for 
the exchange of information on the financial 
settlement of deviation mechanisms between 
systems and also to comply with the publication 
requirements of the Implementation Framework 
for the European balancing platforms. Both 
projects should see their first publications in 
June 2021. The new user interface will not be 
available until the end of 2021 to accommodate 
a further restructuring of the platform 
architecture.
EXTERNAL  
EVALUATION
THE
CERTIFIES THAT ON THE WHOLE,  
RED ELÉCTRICA MAINTAINS  
AN EFFECTIVE INTERNAL  
CONTROL SYSTEM
SSAE
on the system operation activity

313
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
and digital approach, centred on actively  
listening to the needs and expectations of the 
stakeholders.
During 2020, under the SERCLIENTE initiative, 
Red Eléctrica de España continued to carry out 
actions aimed at boosting interaction with clients 
(electricity generators, consumers, distributors, 
market agents/traders, promoters, associations, 
among others) to reinforce dialogue and  
maintain a strong customer focus on behalf  
of the Company, through a dynamic, flexible  
SERCLIENTE, hand in hand  
towards the energy transition
Red Eléctrica de España has set up a new 
framework of collaboration with its customers 
to tackle the challenge posed for the sector  
by the energy transition.
Main initiatives in 2020
• 2nd ‘Moving forward with our clients’ Conference. The Company has 
continued dialogue with more than 40 drivers of change, including 
electricity generators, consumers, distributors, market agents/traders and 
representatives, which make up a sample of all Red Eléctrica de España’s 
clients, part virtual, part in-person event. Through the use of active listening 
dynamics, attendees were asked about the most important moments in 
the experience journey within the framework of the energy transition, 
identifying, for each of them, specific actions to be carried out to improve 
their experience. In addition, the Customer space on the corporate website 
and the Client Services Portal were presented (both currently only available 
in Spanish). These two projects were developed in response to the questions 
raised at the 2019 event.
• Forums with our clients. The Company has continued to hold forums  
with its customers to share information and update them on the progress 
of the different services offered by the system operator and the evolutions 
foreseen in the development of the energy transition. Overall, there 
were more than 20 forums, which, due to the health crisis, were held via 
remote means. The forums covered aspects such as the participation 
of the demand in balancing services, the secondary control service, the 
evolution of the tertiary control service, future quarter-hourly scheduling, 
non-frequency ancillary services, the voltage control service and the 
harmonisation of the settlement of deviation mechanisms, among others. 
Red Eléctrica de España made public its commitment to customers. 
‘Connected to what really matters’ is the mission statement of an initiative 
whose purpose is to continue listening to clients and to provide them with  
the best response possible in terms of their priorities. The three pillars 
of the commitment are:
•  Explore the essentials.
•  Build on dialogue.
•  Bring the future closer.
Proactive role:  
forums and 
conferences
Our commitment  
to clients
Continued on next page >>

314
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Main initiatives in 2020 / continued
In November 2020, and after several years of work, Red Eléctrica launched 
a new channel for customers to improve their experience and enhance the 
provision of services, with the following value proposition:
• Customer Space on the corporate website (currently only available in 
Spanish). This new section, dedicated to clients, brings together in a unique, 
prominent and easily accessible space, all the useful information to access 
the Company’s services. Customers can access this information according to 
the five client profiles: electricity generators, consumers, distributors, market 
agents/traders and representatives. For each service, they will find indications 
on how to access them, references to the regulations that apply to each service 
or how to access the management platforms, as well as documentation that will 
help guide them in their relationship with the Company.
• Client services portal for the digital management of services (currently 
only available in Spanish). This is a single point of access that centralises 
the procedures necessary to provide the services assigned to Red Eléctrica 
de España, as system operator and manager of the transmission grid.  
The website allows registered users to access the different services  
through a unique, standardised point of access. The portal contains  
modules that provide cross-cutting services that will be fully digitalised 
 over the next few years, allowing them access to all services. At present, 
customers can already use the portal to register as a company, submit 
enquiries, propose new ideas and participate in consultations regarding 
regulatory aspects, all via the new portal.
• The Internal Energy Market roadmap for the adaptation of the ancillary 
services managed by the System Operator. The initial version of the 
roadmap, focused on the balancing markets, was drafted in collaboration 
with stakeholders through various forums and a public information and 
consultation process. The initiative was well received, and subsequent 
updates carried out during 2020 included other services and developments 
necessary for the implementation of the IEM, such as the implementation  
of quarter-hourly scheduling, non-frequency ancillary services and 
dispatches, the 15-minute deviation settlement period and the 
implementation of the figure of the independent aggregator. To this end,  
Red Eléctrica de España has set up several working groups with the main 
actors in the electricity system not only to address technical aspects but 
also the management of the scheduling and the updating of the roadmap. 
• Evolution of the operation of the system in coordination with the 
managers of the electricity distribution networks. Red Eléctrica de España 
has continued with the two working groups to define a national, transparent 
and efficient framework to implement at a national level the requirements 
established in the European regulations on system operation.
- Working group for the implementation of the requirements set out 
in the European regulations on the management of the electricity 
transmission grid and the grid code relating to the emergency and 
restoration service (EU 2017/1485 and EU 2017/2196).
- Working group for the analysis of voltage control in the system. 
New specific 
communication 
channels
Progress in the 
implementation  
of the Internal  
Energy Market 
(IEM)
Continued on next page >>

315
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Main initiatives in 2020 / continued
redOS 
all the information you need to follow the energy transition at your fingertips
In order to continue with the incorporation of renewable energy power 
capacity and within the framework of the new grid access and connection 
regulations, Red Eléctrica carried out joint work with customers during  
2020 to define, in advance, the more detailed aspects that will form part  
of the new framework defined by the regulations. This has been done  
to facilitate processes and streamline the management of the grid access 
and connection procedure to make the process as quick and agile as 
possible. Within this scope, noteworthy has been the work carried out in the 
coordination of the working groups with distribution managers and generators 
to draft detailed specifications for the calculation of grid access capacity that 
will be developed in CNMC Circular 1/2021, and which will be approved by the 
National Commission on Markets and Competition in the near future.
During 2020, dialogue was maintained with agents through monitoring 
groups of the different system operation activities (Planning Monitoring 
Group, Monitoring Committee of the Iberian Electricity System Operation 
(CTSOSEI) and the Energy Metering Monitoring Group), in which information 
has been provided on the main new developments and the expectations  
of agents have been collated for each of the activities that form part  
of electricity system operation.
Incorporating 
renewable energy 
power capacity
System  
operation 
monitoring  
groups
In addition, Red Eléctrica de España is working 
on drawing up an action plan to consolidate the 
SERCLIENTE initiative over the next few years, 
focused on continuous improvement in customer 
orientation and a deep vocation for service, so that 
Red Eléctrica de España can continue to act as  
a facilitator to tackle, together with the rest of the 
agents in the sector, the new challenges of the 
energy transition.
redOS is the System Operator’s app, which provides real-time information on the situation of the Spanish electricity system 
through key indicators that can be consulted via one of the two user profiles available: consumer and professional. 
The redOS application offers information both at a national level and for the mainland, Balearic Islands, Canary Islands, Ceuta  
and Melilla systems, so that the most detailed information possible can be obtained on the behaviour of the electricity system 
at any given moment, through the following categories: electricity demand, generation, CO₂ emissions, installed power capacity, 
energy exchanges, wholesale and retail electricity prices.
redOS provides new information such as electricity exchanges through island interconnections, the price of balancing energy  
in the harmonised energy markets at a European level and also the price of the energy evacuated by self-consumers under  
the PVPC framework (Voluntary Price for the Small Consumer) that helps offset their electricity bill.
During 2021, redOS will continue to evolve and expand in order to continue to offer all users the information that allows them  
to follow and participate in the energy transition, with all the information available to them at their fingertips.

316
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Red Eléctrica de España also publishes, on said 
website, periodic reports on incidents identified, 
the handling of grievances received, and the 
solutions adopted.
In addition, every two years Red Eléctrica  
de España conducts a perception survey aimed 
at its customers and market agents. The results 
of the latest study carried out by the Company 
obtained an average global evaluation of  
8.7 out of 10. Based on the results and the  
analysis of the requirements and expectations 
gathered, the 2019-2020 Improvement  
Plan has been drawn up, which contains 33 
improvement actions. This plan, as well as the 
results obtained, are notified to the customers 
and business agents participating in the 
perception survey.
grievances and obtain information on how they 
are being dealt with.
Perception surveys and the management 
of incidents and grievances 
Red Eléctrica de España manages the grievances 
associated with the impact of its activities and 
the services it offers, through the application of 
clearly defined and precise criteria, to ensure that 
the management of the grievances is carried out 
under the principles of transparency, complete 
objectivity and non-discrimination.
To this end, the e-sios website for market  
agents contains a ‘Grievances’ section, which 
allows the online processing of grievances 
regarding the system ancillary services markets 
and the international energy exchange schedule 
managed by the system operator. In addition, 
market agents can consult the status of their 
Key indicators
	
2018	
2019	
2020
Number of estimated grievances relating to the ancillary services  
markets and the scheduling of international exchanges	
1	
1	
0
Estimated grievances per TWh for each of the types of energy 
managed in the system’s ancillary services markets	
0.05	
0.07	
0
Average response time to grievances related to ancillary  
services markets and international exchange scheduling  
(working days) (1)	
2.01	
2.01	
2.88
Percentage of grievances resolved (%) (1)	
100	
100	
100
(1) Includes all grievances (justified and unjustified).
On the e-sios 
website for 
market agents, 
it is possible for 
them to process 
grievances directly.

317
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
backbone network and telecommunications  
sites and technical spaces for the housing  
of electronic equipment. REINTEL is committed to 
innovation and continuous investment, constantly 
financing the deployment of new infrastructure, 
as well as the renovation and improvement  
of existing installations. 
Since the beginning of its activities, REINTEL’s 
priority has always been to guarantee high levels 
of service quality and availability for its clients, 
consolidating its position as a benchmark supplier 
for the main players in the sector. At present, 
REINTEL has a solid customer base that includes 
the main telecommunications operators  
present in Spain.
The next edition of the customer perception  
study will be conducted in 2021 and will 
incorporate both the new methodology 
established for the studies and the advances 
developed in the field of customer management 
within the framework of the SERCLIENTE project.
REINTEL: solutions in a flexible
and creative environment
The experience of the Red Eléctrica Group  
in the telecommunications market began in 
1997, when the sector was liberalised in Spain. 
REINTEL offers a meshed and redundant optical 
fibre network with connection to insular and 
international access systems. In this regard,  
the Company provides tailor-made solutions 
to its customers through the operation  
and management of an extensive fibre optic  
The latest
REE CUSTOMER 
PERCEPTION SURVEY
OUT OF 10
OBTAINED AN OVERALL  
AVERAGE RATING OF 
8.7
REE customer and market agent satisfaction survey indicators (0-10)
	
2014	
2016	
2018
Level of overall satisfaction	
8.1	
8.3	
8.7
Level of satisfaction in terms of quality	
7.9	
8.0	
8.3
Level of satisfaction with the services provided	
7.7	
8.1	
8.2
Customer service	
7.7	
7.9	
8.0
Evaluation of the improvement actions undertaken as a result  
of the previous satisfaction survey	
6.6	
7.1	
7.4
REINTEL offers tailor-made solutions to 
its customers seeking to build long-term 
relationships with them.

318
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Through its dark fibre optic commercial offering, 
REINTEL provides tailor-made solutions to its 
customers and accompanies them in their growth 
and development, building long-term relationships.
Solutions in a flexible and creative 
environment
The combination of the unique characteristics 
of the electricity grid and railway network 
environment, through their interconnection and 
their management by REINTEL as if they were 
a single network, makes it possible to provide 
customers with a more extensive network with 
national coverage, redundant routes, which is 
secure, efficient and easy to operate.
Key factors for 
REINTEL
REINTEL Services
Customer orientation
Working with customers to provide them with  
the best solution possible in a flexible and 
creative environment.
Excellence
Prioritising operational excellence to ensure  
high levels of service quality and availability  
for clients.
Neutrality
Guaranteeing customers transparent and neutral 
access to the company’s optical fibre network.
Expertise
Offering clients all the experience gained  
by the company in operating critical infrastructure.
Features
• Interconnection with other customers as well as with 
external national or international networks (France, 
Portugal, Morocco and Andorra).
• Providing exactly the same level of security and  
reliability to telecommunications as those that are  
offered to electricity and rail services.
• Meshed network with redundancies, offering highly 
resilient communication networks.
• Coverage that allows customers to achieve the greatest 
efficiency in the design and deployment of their 
telecommunications networks.
Features
• Increased capillarity in provincial capitals and their 
outlying areas via dedicated cable and its extensions and 
through metropolitan telecommunication ring networks.
• Guarantee of the highest levels of service necessary for 
the management of the communications network.
• Customised deployment, including the provision of new 
interconnection points to link up with existing ones.
•  Interconnections between different customers.
• Communication hubs. Sites located in the railway environment that allow signal regeneration for clients, as well as the insertion  
or extraction of traffic flowing through the network.
• Telecommunications shelters. Sites located next to electricity substations and high voltage towers whose main function 
is signal regeneration.
Comprehensive dark fibre projects are adapted to the customer’s needs. These can be multi-site projects, connectivity with  
neutral points, network integration and redundant rings, among others.
Backbone network 
Dedicated cable
Telecommunications sites
Comprehensive turnkey solutions

319
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
REINTEL also has its own permanent service 
and supervision centre (24/7) that controls  
and monitors the status of the network and deals 
with incidents and scheduled customer work, 
in order to offer a reliable service of the highest 
quality. In 2020, a total of 533 incidents affecting 
the network and our customers were dealt with. 
Of the total number of incidents, 63% were due 
to power supply failures, works by third parties 
and natural causes, while the remaining 37% 
corresponded to scheduled work on the network. 
In line with normal operations, the incidents were 
dealt with and repaired within the time periods 
established in the contracts client’s service level 
agreement.
During 2020, REINTEL continued on its  
growth path, through the commercialisation  
of dark fibre to both existing and new customers, 
managing to increase and bolster the 
communications networks that it offers  
to its end customers.
More than 
52,222 km 
of network 
in Spanish 
territory, 
11,404 km of 
dedicated dual 
fibre optic cable 
and 845 km of 
metropolitan 
ring dual fibre 
optic cable 
contracted and 
there are 45 
provinces with 
dedicated cable.

320
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
This is why satellite plays a fundamental role in 
the provision of many services as a complement 
to terrestrial networks that cannot reach all 
geographical areas, and therefore, it is considered 
key in the fight against the digital divide.
The services offered by HISPASAT allow 
telecommunications and audiovisual operators,  
as well as institutions and companies looking  
for high communication performance, security 
and reliability, to count on the only technology  
to achieve universal connectivity.
HISPASAT: a technology  
to achieve universal connectivity
With more than 30 years of experience, HISPASAT 
maintains a strong presence in the Iberian 
Peninsula and Latin America, where it is already 
the fourth satellite operator in terms of revenue 
and the eighth operator worldwide.
New mission: Amazonas Nexus
HISPASAT launches the development of a new, 
more efficient and flexible satellite. The advanced 
design, HTS capability and versatility of Amazonas 
Nexus make it the most efficient satellite in the 
HISPASAT fleet.
With an estimated life span of 15 years, 20 kW  
of satellite power and a launch mass of 4.5 tonnes, 
Amazonas Nexus will be launched into orbit in the 
second half of 2022.
Thales Alenia Space is the Company in charge  
of its manufacture, which will design and 
implement the mission based on a Spacebus 
NEO200 platform with all-electric propulsion  
in all its phases and will be the first satellite 
operated by HISPASAT with these characteristics.
Similarly, the Amazonas Nexus will have, as 
its main innovation, a state-of-the-art Digital 
Transparent Processor (DTP), an essential technological 
breakthrough that substantially increases the 
geographical flexibility of the satellite allowing it to 
adapt to eventual changes in the initially planned 
commercial scenarios. Thanks to this element, the 
satellite’s payload will be digitally processed, offering the 
possibility of assigning in orbit the capacities required at 
any given moment, making the satellite highly robust in 
the face of the evolution of the current communications 
market, both in the field of connectivity and data as well 
as in the transmission of content.
The new satellite will cover the entire American 
continent, the North and South Atlantic corridors (areas 
of high air and maritime traffic) and Greenland and will 
provide state-of-the-art Ku-band telecommunications 
services. Amazonas Nexus inaugurates a new generation 
of satellites in the HISPASAT fleet with an innovative 
architecture that also incorporates Ka-band capacity  
to optimise communications between the gateways  
and the satellite, thus multiplying the total payload 
capacity available for commercial use, thus greatly 
improving the unit cost of capacity compared to 
traditional satellites.

321
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VALUE CREATION  
OF THE RED 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
such as Telefónica, RTVE, Media Networks, Oi, 
Claro TV, NOS, BT and MEO. With regard to its 
clients, HISPASAT ensures the confidentiality, 
clients include large corporations, major 
television platforms and some of the main 
international telecommunications operators, 
HISPASAT’s service offering
HISPASAT offers satellite capacity to its 
customers, for occasional and permanent  
use, on both sides of the Atlantic. In this regard, 
HISPASAT distributes more than 1,250 television 
and radio channels, through its powerful fleet 
of satellites, and is a key driver of the Spanish 
aerospace industry. The main services offered 
by the company are Direct-to-Home (DTH) 
broadcasting, TV distribution/ contribution 
(temporary services), residential broadband, 
backhaul, telecontrol and IoT, corporate networks, 
cellular access networks, WiFi access networks, 
mobility services (aeronautical, ground and 
maritime), security and emergency services  
and defence.  
HISPASAT has an Integrated Corporate 
Management Policy and Management System  
that ratify its firm commitment to excellence  
and continuous improvement in the provision 
 of its services.
HISPASAT’s service offering has solidly  
positioned itself in high-growth markets and has  
a stable base of strategic client base. In 2020,  
the number of permanent clients was 119,  
of which 27 are classified as audio-visual,  
59 as corporate and 33 as telecommunications 
operators. On the other hand, there were 54 
customers who contracted temporary services, 
and it is worth noting that some of these clients 
are also permanent customers. HISPASAT’s 
HISPASAT’s range of services
COMPANIES  
AND INSTITUTIONS
OPERATORS
AUDIOVISUAL
HISPASAT’s  
service  
offering
Security and 
Emergency
Mobility
IoT
DTH (Direct-to-Home) 
broadcasting 
Tele-education
Cellular backhaul 
Internet access
IP Trunking
Triple play satellite
Hybrid DTH 
Satellite WiFi hotspots
Ultra-High-Definition TV
TV distribution and contribution 
(temporary services)
DTT and Social DTH
Cinema

322
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
∫ Support centre. This is a web portal where 
HISPASAT clients can open service incidents 
themselves or request information of any kind.
∫ HISPASAT website, where they can find useful 
information as well as request that they are 
contacted.
∫ Internal tool (CRM-Customer Relationship 
Management) to improve how customers and 
contacts are managed through a protocol that 
allows an adequate control and handling of 
business opportunities as well as the evolution 
of proposals, giving greater coherence to the 
actions of the sales team.
HISPASAT maintains a continuous dialogue  
with its clients, which it classifies according  
to the type of customer service as defined  
in the table on the left. HISPASAT personnel,  
in accordance with the provisions of the  
Customer Service Procedure and the Incident 
Management Procedure, attend to any type  
of request received from clients through any  
of the official channels.
It should be noted that every two years,  
HISPASAT conducts a client satisfaction survey.  
In 2017, the overall net satisfaction rate was 
83.6%. In 2019, the results were 82.1% for the 
same category.
- client service, focusing on the treatment 
given to the customer throughout their 
commercial life cycle, with emphasis on the 
post-sales phase; 
- incident management and 
- evaluation of the perception of the external 
customer, which allows feedback to be 
obtained directly from the clients themselves.
HISPASAT offers the following customer 
relationship tools:
∫ Call centre (24/7) with high call-handling 
capacity in three languages (Spanish, 
Portuguese and English) providing local areas 
lines in almost all of the countries where 
HISPASAT provides service.
authenticity and traceability of the information 
and resources used in the provision of services, 
with the firm commitment to respond to any 
needs that may arise with quality, efficiency 
and reliability criteria. To this end, it is essential 
to know the degree of customer satisfaction 
regarding the company. Thus, HISPASAT 
provides them with specific communication 
channels adapted to each need. 
In this regard, the client service process at 
HISPASAT is governed by three procedures that 
guarantee that the Company’s personnel have 
the appropriate tools and protocols to cover  
the needs of its customers.
Type of customer service in HISPASAT
	
2018	
2019	
2020
Incidents (1)	
5,239	
2,057	
1,558
Complaints (2)	
10	
2	
4
Suggestions	
0	
3	
0
Enquiries (3)	
1,057	
1,306	
2,207
Total	
6,306	
3,368	
3,769
(1) Includes: operational incidents, general incidents, technical problems, terminal incidents, platform incidents, service provision 
incidents, alignment issues, service incidents, scheduled work and any changes.
(2) Includes: complaints and claims. 
(3) Includes: operational issues, information requests, non-operational incidents and other incidents.

323
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Contribution to 
social, economic 
and environmental 
development
8
Generate shared value, 
promoting actions and 
investments aligned with 
the business objectives.

324
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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Contribution to 
social, economic 
and environmental 
development
The Red Eléctrica Group takes on the following commitment 
as a priority: contribute to the social, economic, and 
environmental development of society, through the  
provision of a key service in a safe and efficient manner.  
This is achieved by promoting environmental conservation, 
the quality of life and social well-being of people and 
involving the community in the execution of our  
activities, with the goal of generating mutual benefit  
which is perceived by society in general.
Relationship with the  
socio-economic environment
336
Conservation of natural capital
341
Socio-economic  
development of the territory
346
Contribution of the Company’s activities
325

325
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VALUE CREATION  
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LETTER FROM  
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AND FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
8.1
Contribution 
of the Company’s 
activities
103-1 / 103-2 / 103-3 / 203-2
Key indicators  
in 2020
• 639 M€ investment in the 
transmission grid in Spain 
(Contribution to GDP).
• 78 M USD investment in the 
transmission grid in Chile 
(Contribution to GDP).
• 20 M USD investment in the 
transmission grid in Peru 
(Contribution to GDP).
• 743 M€ Total Tax 
Contribution in 2020. 
Awards and 
recognition
The Red Eléctrica Group 
leads the ranking in the Tax 
Transparency Report regarding 
Spanish IBEX 35 companies; 
said report is prepared by 
the Fundación Compromiso y 
Transparencia.

326
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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into account not only the direct investment made 
but also the increased activity that occurs as a 
result of the circular flows that originate in any 
economic activity.
In 2017, the Red Eléctrica Group adopted a 
benchmark methodology based on the implicit 
activity multipliers reached, thus allowing the 
level of overall activity generated as of an initial 
investment to be estimated. The calculations are 
made taking into account the direct, indirect and 
induced impacts. 
The Red Eléctrica Group focuses its socio-
economic and environmental commitment 
towards the creation of shared value, promoting 
actions and investment aligned with its business 
objectives, which in turn generate shared value 
and, have a positive impact on the quality of life of 
those citizens in locations where the Company’s 
facilities are located. In turn, this represents a 
contribution of the Company to the achievement 
of various challenges such as those related to  
the United Nations’ Sustainable Development 
Goals or those addressed in the European 2030  
Energy Strategy.
Economic and social  
contribution of investments
The activities carried out by the Red Eléctrica 
Group have unquestionable benefits for society, 
the most well-known of which is maintaining the 
continuity and security of the electricity supply 
while offering the highest levels of quality.
For yet another year, the investment effort made 
by the Red Eléctrica Group in the transmission 
grid has a beneficial impact on society, given 
its stimulating effect on economic activity as it 
encourages production and, therefore, generates 
an increase in wealth (measured through GDP). 
Consequently, it promotes employment besides 
providing the public administrations with more 
income that can be dedicated to improvements 
in the general well-being of society. All this taking 
Impact of investments
Direct Impact
Estimation and valuation of the 
supply and production chain and 
the creation of employment and 
incomes that are generated in 
the national economic system 
stemming from an initial 
investment.
Indirect Impact
Generation of income and new 
employment derived from the 
fact that, in order to execute the 
investments, the direct awardees 
need to acquire other goods and 
services from the rest of the supply 
and production chain (intermediate 
consumption). This then generates 
demand for other goods and 
services further down the chain.
Induced Impact
Impact derived from all the income 
generated in the previous stages. 
This effect includes both the impact 
of final consumption derived from 
all the income generated, as well 
as the tax collected by all public 
administrations when applying the 
various taxes to the total of the 
activity and the income generated.

327
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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the Red Eléctrica Group in 2020), which in turn 
led to the generation of activity for an equivalent 
of 4,916 job positions. Therefore, as a whole, 
it is estimated that it generated revenues for 
the state treasury of 102 million euros (which 
represents approximately 9.2% of the provisional 
Socio-economic contribution in Spain
In 2020, the Red Eléctrica Group made a 
total investment of €383 million in Spain’s 
transmission grid, of which it is estimated 
that €71 million were allocated to importing 
the necessary products required to carry out 
the Group’s activity. The remaining amount, 
approximately €312 million, corresponded to 
direct investment in Spain, and whose socio-
economic impact, after the application of the 
methodology adopted, is broken down in the table 
shown below.
The investment made generated revenues in 
the sectors of activity involved totalling 639 
million euros, representing over twice the 
investment (€312M) made in Spain. This has 
meant a contribution to the country’s GDP of 
266 million euros (around 14% of the revenue of 
Overall impact of the investment in the transmission grid in Spain
	
Direct	
Indirect	
Induced	
Total
Revenues (M€)	
312	
297	
31	
639
Income - GDP (M€)	
129	
126	
10	
265
Employment (number of jobs) 	
2,350	
2,250	
316	
4,916
Tax revenue (M€)	
50	
48	
4	
102
Note: The mismatch in one of the cases between the total figures and the sum of the partial data is due to the rounding  
up or down of decimal places.
Investment in the transmission  
grid has contributed 266 million euros 
to Spain’s GDP, around 14% of the  
total revenue of the Red Eléctrica 
Group in 2020.

328
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VALUE CREATION  
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ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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in Peru. This has meant a contribution to the 
country’s GDP of 10 million, which in turn led  
to the generation of activity for an equivalent  
of 712 job positions. Therefore, as a whole,  
it is estimated that it generated revenues for  
Peru’s State Treasury in the amount of 2 million 
US dollars.
to direct investment in Peru, and whose socio-
economic impact, after the application of the 
methodology adopted, are broken down in the 
table shown below.
The investment made generated revenues  
for the sectors of activity involved totalling 20 
million US dollars, which represents nearly twice 
the investment (11 million US dollars) made 
revenues obtained from a special tax on 
electricity in 2020).
Socio-economic 
contribution in Chile
In 2020, the Red Eléctrica Group, through its 
subsidiary Red Eléctrica Chile, made a total 
investment in Chile’s transmission grid of  
42 million US dollars, this amount corresponds  
to direct investment in Chile, and whose socio-
economic impact, after the application of the 
methodology adopted, are broken down in the 
table on the right.
The investment made generated revenues for 
the sectors of activity involved totalling 78 million 
US dollars, which represents nearly twice the 
investment (42 million US dollars) made in Chile. 
This has meant a contribution to Chile’s GDP of 
39 million US dollars, which in turn led to the 
generation of activity for an equivalent of 1,071 
job positions. Therefore, as a whole, it is estimated 
that it generated revenues for Chile’s State 
Treasury in the amount of 9 million US dollars.
Socio-economic  
contribution in Peru
In 2020, the Red Eléctrica Group, through its 
subsidiary Red Eléctrica Peru, made a total 
investment in Peru’s transmission grid of  
11 million US dollars, this amount corresponds  
Overall impact of the investment in the transmission grid in Chile
	
Direct	
Indirect	
Induced	
Total
Revenues (M USD) 	
42	
30	
6	
78
Income - GDP (M USD)	
22	
14	
3	
39
Employment (number of jobs) 	
572	
407	
92	
1,071
Tax revenue (M USD)	
6	
2	
1	
9
Overall impact of the investment in the transmission grid in Peru
	
Direct	
Indirect	
Induced	
Total
Revenues (M USD)	
11	
7	
2	
20
Income - GDP (M USD)	
5	
4	
1	
10
Employment (number of jobs) 	
265	
357	
90	
712
Tax revenue (M USD)	
1	
1	
0	
2

329
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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This means that citizens at large can, thanks 
to the satellite telecommunications offered by 
HISPASAT, access new opportunities, open new 
options that enable the interconnection of diverse 
business and social communities, through 
the provision of satellite services that help 
businesses in all sectors develop and expand 
their businesses efficiently regardless of where 
they are located, bringing entertainment closer 
to citizens and supporting innovative projects 
to ensure universal connectivity. Information 
on specific projects is detailed in the Social 
Innovation 
 section of this report.
∫ Seeking to bridge the digital divide and 
facilitate ICT access to society in areas with no 
connection. HISPASAT’s satellite services make it 
possible to extend connectivity to rural or remote 
places where terrestrial networks do not reach or 
are not able to provide the level of quality required 
in the 21st century. This goal promotes greater 
economic and social development in these 
places which, thanks to a satellite connection, 
can access the Internet to carry out any form of 
business educational or cultural activity.  
Socio-economic contribution of HISPASAT
Additionally, HISPASAT, the Spanish satellite 
communications operator of the Red Eléctrica 
Group, contributes to creating value for society 
through its activity and the services it offers from 
two points of view:
∫ Acting as a driver of the Spanish aerospace 
industry; facilitating access to international 
telecommunications satellite markets. HISPASAT 
incorporates components manufactured in 
Spain in all of its missions and enables Spanish 
companies to validate the design and operation 
of their satellite equipment by incorporating it 
into HISPASAT’s satellites. In addition, it promotes 
an Industrial Return Programme that undertakes 
a commitment to its manufacturers to continue 
investing in Spanish technology during the years 
following the construction of each of its satellites, 
which in turn has entailed an investment by major 
international manufacturers that exceeds 1 billion 
euros in Spain since 2013.  
 
This approach reinforces HISPASAT’s driving 
role as a leading company in the sector and 
generates indirect multiplier effects of its 
significant investments throughout the satellite 
communications value chain, thus representing 
a significant value to other agents in the form 
of purchases, innovation or licences, as well as 
in aspects related to talent and prestige, which 
are essential elements to continue advancing 
towards the future.
 IN SATELLITE PROGRAMMES
€1.002 
BILLION
From 2013 to 2020 
HISPASAT  
HAS INVESTED
Industrial Return 
Programme
HISPASAT
Incorporation of new equipment manufactured by Spanish 
companies into HISPASAT’s satellite projects in order  
to facilitate the validation of its design and operation.
Companies
Reinvestment in components manufactured in Spain 
during a 10-year period following the incorporation of 
equipment/technology.
HISPASAT, during its 30 years in the business, has 
contributed to boosting the development of Spain’s 
aeronautical sector through investment and funding  
in excess of 1 billion euros in the Spanish industry.

330
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RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
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legislation and minimise reputational risk, 
making it compatible with the protection  
of shareholder value.
The tax strategy is aligned with the 2030 
Sustainability Commitment of the Red Eléctrica 
Group, which defines, as one of its four priorities, 
the contribution to the development of the 
socio-economic environment and is consistent 
with the Group’s Strategic Plan. The tax strategy 
is available for consultation on the  
corporate website.
Tax contribution  
and transparency 
Tax strategy / 207-1
The Tax Strategy of the Red Eléctrica Group, 
approved by the Board of Directors, is based 
on three core values: transparency, good 
governance and accountability.
 
The tax strategy vision of the Red Eléctrica 
Group is to manage tax matters in a proactive, 
transparent and responsible manner with 
all stakeholders, in order to comply with tax 
Since 2014, the Red Eléctrica 
Group has voluntarily 
published its total tax 
contribution, highlighting 
the relevant economic and 
social function derived from 
the Group’s tax contribution. 
Continuing with the practice 
started in 2019, in 2020 
the Red Eléctrica Group has 
published a Tax Transparency 
Report, promoting 
knowledge of the Group’s tax 
matters in an increasingly 
transparent and accessible 
manner for its stakeholders.
Key data 2020
743 M€ 
Total tax  
contribution
More than 
3,5 bn€ 
tax borne  
in the period  
2016-2020
48 % 
of the value  
generated  
earmarked for  
the payment  
of taxes
97% 
of the  
Total Tax  
Contribution  
paid  
in Spain
37% 
Tax  
Contribution  
compared  
to the Group’s  
revenue

331
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3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
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Total Tax Contribution / 207-4
In order to calculate its Total Tax Contribution, 
Red Eléctrica has followed the Total Tax 
Contribution (TTC) methodology of PwC,  
whose characteristics are:
∫ Measure the impact of tax payments on 
companies.
∫ Consider the total amount of all taxes borne 
(which represent an effective cost for the 
company) and collected (which are paid by other 
taxpayers for the economic activity generated),  
at any level of the Public Administration.
∫ Include all tax payments made to Public 
Administrations.
∫ Adapt to any tax regime in the world and be  
easy to use even for people who do not have  
tax knowledge.
743 million euros in Total Tax Contribution:  
of which 259 million represent tax borne and  
481 represent tax collected.
TAXES BORNE
Tax on profits, mainly Corporate 
Income Tax represents 76% 
of total taxes borne that have 
been paid to the various tax 
authorities, mostly to the 
Spanish tax authority. 
TOTAL TAX  
CONTRIBUTION 2020
Red Eléctrica’s Total Tax 
Contribution during 2020 
amounted to 743 million euros, 
259 million euros corresponding 
to taxes borne and 484 million 
euros to taxes collected.
TAXES  
COLLECTED 
Of the total taxes collected 
during 2020, the taxes on goods 
and services are noteworthy, 
fundamentally Value Added  
Tax (1) which accounts for 78%  
of the total.
24 %
Other taxes 
65 %
Tax collected 
22 %
Other taxes 
76 %
Corporate  
income tax 
35 %
Tax Borne 
78 %
Value  
added tax 
76 % 
Tax borne
743 
million euros
78 % 
Tax collected (1)
(1) Understood as those indirect taxes 
equivalent to the Spanish VAT that are 
levied on consumption.

332
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Total Tax Contribution 2020	
/ M€ /
	
Spain 	
Peru	
Chile	
Brazil	
Mexico	
Other (1)	
Total
Tax borne 	
246	
3	
1	
7	
2	
-	
259
Corporate tax 	
192	
3	
-	
-	
2	
-	
197
Other tax 	
54	
-	
1	
7	
-	
-	
62
Tax collected 	
476	
7	
-	
1	
-	
-	
484
VAT	
370	
5	
-	
1	
-	
-	
376
Other tax 	
106	
2	
-	
-	
-	
-	
108
Total Tax Contribution 	
722	
10	
1	
8	
2	
-	
743
(1) In Europe it includes France, the Netherlands, Luxembourg and the United Kingdom, and other countries in America, with amounts under 1 M€.
TOTAL TAX CONTRIBUTION  
BY TAX CATEGORY
The Total Tax Contribution of the Red Eléctrica Group (€743 M)  
is distributed according to the following tax categories: taxes on 
profits (36%), taxes on goods and services (53%), taxes associated 
with employment (9%) and other taxes (2%).
Effective Corporate  
tax rate 
24.16 %
Effective Corporate tax rate  
The effective corporate  
tax rate in 2020 is 24.16%. 
The reconciliation between the current  
tax rate in Spain and the effective rate  
applicable to the Group can be found in  
the Group’s Consolidated Annual Accounts  
(Note 23. Tax situation).
36 %
Tax on  
profits 
53 %
Taxes  
on Good and 
services 
9 %
Taxes  
associated with 
employment 
2 %
Other  
taxes 
GEOGRAPHICAL 
DISTRIBUTION OF THE TOTAL 
TAX CONTRIBUTION 
The revenue of the Red Eléctrica Group  
is mainly in Spain (94%).
97 %
Spain 
3 %
Other 
The Total Tax Contribution of the Red Eléctrica  
Group to public administrations in all the countries 
in which it operates amounted to 743 million euros 
in 2020, with Spain being the legal tax authority with 
the highest tax contribution (97 %).

333
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Tax Contribution compared   
to revenues
The comparison between Total Tax Contribution 
and total revenues is an indicator that shows 
the amount of the contribution made by the  
Red Eléctrica Group in relation to the size of  
its business.
The ratio of Total Tax Contribution to the revenue 
of the Red Eléctrica Group is 37%, of which 13% 
corresponds to taxes borne and 24% to taxes 
collected.
Weight of taxes on   
value distributed
Applying the Total Tax Contribution (TTC) 
methodology, the value distributed by the Red 
Eléctrica Group in 2020 stood at 1.564 billion 
euros, a figure which is composed of the sum  
of the following elements:  
∫ Profit after taxes or shareholder value  
(611 million euros).
∫ Taxes (743 million euros): borne (259 million 
euros) and collected (484 million euros).
∫ Net interest (118 million euros).
∫ Salaries and wages after taxes collected  
(92 million euros).
Of every 100 euros of value generated  
by the Red Eléctrica Group in 2020,  
48 euros were earmarked to pay taxes.
39 %
Shareholders 
6 %
Salaries and 
Wages  
13 %
Tax borne 
24 %
Tax collected 
Distributed value / % /
Tax Contribution compared  
to revenues / % /
37 %
48 %
Tax  
Authority 
7 %
Net  
interest

334
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Tax responsibility 
207-1 / 207-2 / 207-3
The Red Eléctrica Group undertakes a tax 
responsibility commitment above and beyond 
mere compliance with tax legislation and tax 
obligations in the countries in which it operates. 
Tax commitments and best practices
• The Red Eléctrica Group is committed to complying with 
the provisions of the OECD Guidelines for multinational 
companies in tax matters. In terms of transfer pricing, the 
Red Eléctrica Group acts in accordance with the arm’s length 
principle.
• The tax behaviour of the Red Eléctrica Group is aligned with 
the principles and actions of the Base Erosion and Profit 
Shifting (BEPS). 
• Since 2015, the Red Eléctrica Group has undertaken the Code 
of Good Tax Practices adopted by the Spanish Tax Authority 
(AEAT), which is in line with the principles and guidelines on 
tax matters established in the Group’s Tax Strategy.
• Within the framework of strengthening good tax practices, 
since 2017, the Red Eléctrica Group has voluntarily submitted 
its Tax Transparency Report to the AEAT (the Spanish Tax 
Authority).
• The Country-by-Country Reporting tax statement was 
submitted to the AEAT.
• Approval by the Audit Committee of the tax policies applied 
in the annual corporate tax statement for 2019 prior to the 
annual presentation of the tax report and of the tax policies 
applied at the close of the 2020 accounting year.
• Publication of an Annual Tax Transparency Report, which 
facilitates access to all relevant information of the Red 
Eléctrica Group related to tax matters. This new publication 
contributes greatly to increasing tax transparency and 
disclosing information regarding tax issues in an increasingly 
clear and accessible manner for stakeholders.
• Early adoption of the new Global Reporting Initiative (GRI) 
standard in tax matters. Such information is externally 
assessed and verified by an independent third party. 
• Recognition from the Commitment and Transparency 
Foundation by heading the ranking in the transparency 
report on the tax responsibility of IBEX 35 companies for 
2019. The voluntary transparency of content related to tax 
obligations of IBEX 35 companies is analysed, and the Red 
Eléctrica Group has obtained the highest score, leading the 
‘Transparent Company’ category.
• Contribution to financing projects with social aims by 
marking an ‘X’ in the corporate tax box on the Company’s 
corporate income tax return. The Group earmarked 0.7% 
of the total amount of the 2019 corporate income tax (1.6 
million euros) to the Third Sector, reinforcing the social 
commitment of the Red Eléctrica Group.
The Red Eléctrica Group leads the ranking 
of IBEX 35 companies for 2019 as per the 
Tax Transparency Report prepared by the 
Fundación Compromiso y Transparencia 
(Commitment and Transparency Foundation).

335
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
Control mechanisms 
Non-cooperative tax jurisdictions / Tax havens
• The Red Eléctrica Group has a Comprehensive Risk 
Management System that includes any relevant 
tax risks. The aspects regarding the Control 
and Management Policy of Tax Risks of the Red 
Eléctrica Group, approved by the Board of Directors, 
which are integrated into the Comprehensive 
Risk Management Policy, establish the specific 
guidelines for action for the management of said 
risks.
• The Group also has an Internal Control Over 
Financial Reporting (ICFR), which includes tax data 
and processes, as well as the controls associated 
thereto, based on the COSO II methodology 
(Committee of Sponsoring Organisations of the 
Treadway Commission). These processes and 
systems are systematically subject to internal and 
external audits.
• The Red Eléctrica Group has various mechanisms in 
place to prevent illicit operations, money laundering 
and asset stripping. In May 2020, the new Code 
of Ethics and Professional Conduct of the Red 
Eléctrica Group was approved, which establishes 
specific principles and guidelines for business 
conduct related to Tax Responsibility. This Code, 
along with the Supplier Code of Conduct, the 
Compliance Policy, the Crime Risk Prevention 
Manual and the Guide for the Prevention of 
Corruption: zero tolerance, can be found on the 
corporate website. Furthermore, the Red Eléctrica 
Group continuously carries out awareness-raising and 
training activities to ensure that all stakeholders are 
familiar with the aforementioned documents.
• The Compliance System regarding crime prevention 
and anti-bribery is certified in accordance with UNE 
19601 standard on crime prevention compliance 
management systems and ISO 37001 standard  
on anti-bribery management systems.
• Digitalisation of tax processes, in accordance with the 
digital transformation strategy of the Red Eléctrica 
Group, which reflects the need for transformation and  
the adoption of a cultural change.
The Code of Ethics and Professional Conduct and 
the Tax Strategy of the Red Eléctrica Group include 
the commitment not to create companies in tax 
havens or non-cooperative tax jurisdictions to
evade taxes. In this regard, the Red Eléctrica Group 
neither has a presence nor carries out any activity 
in those territories deemed as tax havens in 
accordance with current regulations.
• Spanish legislation set out in Royal Decree 1080/91 
of 5 July, subsequently amended by Royal Decree 
116/2003, of 31 January.
• List of countries and territories drafted by the  
European Union of non-cooperative tax jurisdictions  
(tax havens).
• List of non-cooperative tax jurisdictions (tax havens) 
drafted by the OECD.
The Group’s presence in the Netherlands and Luxembourg, 
territories considered by certain external observers as 
low tax rate territories, has been established to ensure 
better access to the financial markets and international 
reinsurance markets.

336
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
8.2
Relationship with  
the socio-economic 
environment 
Key indicators  
in 2020 
• 87% of agreements signed with 
landowners in Spain in 2020, who  
were affected by new investment 
projects, were amicable.
• 113 Red Eléctrica employees 
from 38 organisational units actively 
participate in various international 
organisations. 
• 4 public information and 
consultation events conducted in 
municipalities affected by TESUR 2 
grid infrastructure and holding of 5 
events held in the localities affected  
by REDENOR projects.
2020 milestones
• Signing of 89 collaboration 
agreements with public and 
social entities associated  
with the execution of projects.
• Social baseline study and 
stakeholder mapping related  
to the REDENOR project.
• Pilot project to quantify the 
consideration of externalities 
associated with the execution 
of pan-European projects, 
which will contribute to the 
post-pandemic economic 
recovery.
Challenges for 2021 
• Reinforcement of agreements, 
pursuant to the Strategic Plan, and 
the promotion of the social innovation 
strategy.
• Drawing up actions related to the 
Group’s plan aimed at improving 
relations with communities in Latin 
America, in accordance with its 
courses of action for the development 
of the socio-economic environment, 
biodiversity and/or natural capital.
• Strengthening of the Company’s 
engagement in the development of 
the 2050 vision of the interconnected 
European energy system.

337
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
As a result of this, the public consultation process, 
which is encompassed within the framework 
for the development of the Citizen Participation 
Plan for the TESUR 4 Environmental Impact 
Assessment processed by the Peru’s National 
Environmental Certification Service (SENACE), 
was adapted and coordinated with the National 
Environmental Impact Assessment System 
pursuant to the special regulations related to 
the mitigation of COVID-19. This resulted in 
the definition of 4 participatory events to be 
carried out through radio broadcasting for the 
communities in the area of direct influence of the 
project. The radio broadcasting of the 4 events, 
2 participatory workshops and 2 public hearings, 
was highly successful. This initiative, being the 
first time radio broadcasting was used in this 
scenario, has laid down the course of action 
regarding citizen participation processes in 
electrical energy activities in Peru. In the case of 
Chile, five participatory workshops were held in the 
localities affected by REDENOR projects, with said 
workshops being 100% successful in their goals.
In relation to the agreements signed with the 
owners of the land affected by projects in Peru, 
nearly 90% of these were amicable and are 
in line with that established by CCNCM (power 
transmission company in Peru). In relation to 
Chile, progress was made in reaching amicable 
agreements with 45% of landowners regarding the 
REDENOR project. REDENOR 2 is currently in the 
initial phase of the voluntary negotiation process.
In this regard, the third round of participatory 
workshops and public hearings (with a total of 45 
scheduled public events with the direct participation 
of rural communities), which had been agreed 
on and planned with the goal of furthering better 
relations with the local communities in the area  
of influence of the activities of the Red Eléctrica 
Group in Peru and Chile, had to be cancelled  
due to the national health emergency declared  
by the government of Peru due to COVID-19. 
Relations with local  
communities
103-1 / 103-2 / 103-3 / 413-1
The Red Eléctrica Group promotes and  
maintains a permanent relationship with the  
local communities where its facilities are located, 
not only during the construction processes of  
the new infrastructure, but also throughout the 
entire useful life of the facilities. 
In Spain, the Company has an organisational 
structure distributed nationwide that facilitates 
institutional communication and collaboration  
with public administrations as well as with public 
and private institutions.
In 2020, Red Eléctrica de España signed 89 
agreements collaboration agreements with public 
and social entities associated mainly with the 
execution of socio-economic, environmental, 
educational and cultural development projects.
In the case of municipalities and in relation to the 
construction of new infrastructure, the Company 
fosters engagement to disseminate information 
and raise awareness regarding the need for 
facilities and their role within the transmission  
grid, as well as to promote dialogue with 
stakeholders in order to facilitate the sustainable 
development of projects.
WERE AMICABLE 
AGREEMENTS
OF ALL THE AGREEMENTS SIGNED  
IN 2020 WITH LANDOWNERS IN SPAIN,  
WHO WERE AFFECTED BY NEW  
INVESTMENT PROJECTS,
87%

338
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
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A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
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(CITEL), National Telecommunications Agency 
(ANATEL) and the Inter-American Association of 
Telecommunications Companies (ASIET).
Furthermore, the Red Eléctrica Internacional 
collaborated in 6 organisations, associations  
and professional entities through the contribution  
of €36,677, among which its participation in  
CIGRE-Peru and the Gremio de Transmisores 
Eléctricos in Chile are noteworthy.
Active participation in ENTSO-E
ENTSO-E (European Network of Transmission 
System Operators for Electricity), an association 
comprised of 42 members and 35 countries, 
is a key tool for the coordination between 
European TSOs in the design, development and 
implementation of the Internal Energy Market 
activity and their business management, as well 
as to strengthen the consolidation of alliances and 
maximise their contribution to the achievement  
of common objectives.
In 2020, Red Eléctrica de España participated in 
62 organisations, associations and professional 
entities, with a total contribution of 2,559,310 
euros. Among all these collaborations, the
participation of Red Electrica de Espana in
ENTSO-E, the European Network of Transmission
System Operators for Electricity, whose activity
is detailed below, is especially relevant.
For its part, HISPASAT collaborated in 15 
organisations, associations and professional 
entities, among which the following are noteworthy: 
International Telecommunications Union (ITU), the 
Inter-American Telecommunication Commission 
During 2020, a social baseline and stakeholder 
mapping study of the actors involved in the 
REDENOR project in Chile was carried out, with 
the objective of identifying the needs of the 
local communities in order to implement local 
sustainable relationship strategies over time 
through participatory roundtables with the 
different communities (5 municipalities and 
16 towns) in the area of direct influence of the 
electricity transmission line.
Participation in organisations 
and associations  
102-13
The Red Eléctrica Group is part of and actively 
participates in various organisations and 
associations in order to publicise and showcase 
their stance on fundamental aspects of their 
In 2020, the Red Eléctrica Group participated in 83 
organisations, associations and professional bodies, 
noteworthy among which is ENTSO-E. This has 
represented a total contribution by the Company  
to this commitment that exceeds €2.5 million.

339
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
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LETTER FROM  
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AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
as well as in the deployment of European 
regulations. Furthermore, it acts as is a technical 
advisor of reference for European institutions in 
the development of a sustainable, reliable and 
competitive electricity system.
In 2020, Red Eléctrica de España dedicated 67 
employees from 27 business units for a total of 
15,875 hours and consolidated its representation 
in the association by being represented in the 
meetings of the Assembly (the main governance 
body), the Board (the body that sets the 
orientation of the association at a technical 
level), the Resources Committee (responsible 
for conducting the financial monitoring of the 
association), and it also chairs the Legal and 
Regulatory Group. The Company also participates 
in the five technical committees and has taken  
an active part in more than 40 working groups. 
It should be noted that in 2020, Red Eléctrica 
has spearheaded three of the 18 actions of the 
ENTSO-E Active 2020+ strategy that sets the 
association’s operating guidelines.
Main achievements of ENTSO-E in 2020
System development. Publication of the Ten-Year 
Network Development Plan (TYNDP) and needs of the 
European system.
Operation of the electricity system. Coordination of the 
European operation.
Energy policies towards a decarbonised system.
Roadmap of the European Green Deal.
Development of the European electricity system vision 
for 2050.
Cooperation of electricity transmission agents and 
distributors.
Research and development plan 2020-2030.
Research towards a decarbonised European system.
Implementation of the European  
energy regulation
Activities resulting from 
cooperation between various TSOs
ENTSO-E
TO ACTIVELY PARTICIPATING IN THIS 
ORGANISATION
15,875  
HOURS
In 2020, a total of 67 employees  
from 27 business units dedicated  
a total of

340
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LETTER FROM  
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TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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REPORT
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Best sectorial practices
∫ CIGRE.
∫ Mediterranean Transmission System Operators 
(MED-TSO).
∫ European Association for the Storage of Energy 
(EASE).
∫ Renewable Grid Initiative (RGI).
∫ The Spanish Energy Club (ENERCLUB).
∫ Energy Cluster.
∫ Madrid aerospace cluster.
∫ Spanish Association of Defence, Aeronautical  
and Space Technologies (TEDAE).
∫ Spanish Aerospace Technology Platform.
The corporate website provides more information 
on the participation of the Red Eléctrica Group 
in organisations and associations as well as the 
Group’s transparency in its institutional relations.
 
Other organisations and associations 
The Red Eléctrica Group also participates in 
numerous organisations and associations with 
the goal of sharing and extending best practices, 
among which the following are noteworthy:
Best practices in corporate management
∫ International Corporate Governance Network 
(ICGN).
∫ Club de Excelencia en Sostenibilidad.
∫ Transparency International España (Integrity 
Forum).
∫ Forética.
∫ The Green Growth Group.
∫ The Spanish Compliance Association (ASCOM).
In 2020, Red Eléctrica spearheaded three 
of the 18 actions of ENTSO-E’s Active 
2020+ strategy that sets the association’s 
operating guidelines.

341
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
8.3
Conservation 
of natural capital
304-3
Key indicators 
in 2020
• 14 birdlife collabora-
tion projects in force.
• 12 forest fire 
prevention 
agreements in force.
• 864 ha recovered 
as part of the ‘Red 
Eléctrica Forest’ project.
• 2 ha of Posidonia 
oceanica seagrass 
meadows planted 
as part of the ‘Red 
Eléctrica Marine  
Forest’ project. 
Awards  
and recognition
• Signing of a collaboration 
agreement with the 
Government of Navarra  
for reforestation works  
in public utility forests. 
• Completion of the 
planting works of the 
‘Red Eléctrica Marine 
Forest’.
• Training programme  
for the State security 
forces and law 
enforcement agencies: 
5 workshops, with 170 
participants.
Challenges  
for 2021
• Complete the reforestation  
of the Salamanca Forest  
with a which when finished  
will cover a total of 96 ha.
• Hold the exhibition regarding 
Posidonia oceanica and the 
‘Red Eléctrica Marine Forest’ 
project.
• Continue the training of the 
State security forces and  
law enforcement agencies, 
forestry experts and forest 
rangers associated with  
the fire prevention  
agreements.

342
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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One of the challenges that the Red Eléctrica 
Group undertakes in accordance with its new 
commitment to biodiversity is that of generating 
a net positive impact on biodiversity in those 
territories in which it operates or its facilities 
are located. With this goal in mind, the Group 
participates and collaborates with state  
and local administrations, NGOs and other 
stakeholders in various projects that promote 
the development of the environment in which 
it carries out projects aimed at promoting 
the development of the social and natural 
environment, focusing mainly on the aspects 
most closely related to the Company’s activities: 
birdlife conservation, habitat restoration and  
the fight against forest fires.
Information on biodiversity projects is detailed 
in the Biodiversity subsection of the Responsible 
Environmental Management 
 section of this 
report. The present section describes in more 
detail some of the actions considered relevant.
Map of Biodiversity projects
Click on any of the icons to display 
additional information
Valencia
Castellón
Burgos
Tarragona
Barcelona
NAVARRA
BASQUE 
COUNTRY
EXTREMADURA
ANDALUSIA
CASTILLA Y LEÓN
ASTURIAS
CASTILLA-LA MANCHA
BALEARIC  
ISLANDS
CANARY ISLANDS
Salamanca
Cádiz
Tenerife
La Palma
Huelva
Palma  
de Mallorca

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LETTER FROM  
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THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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The ‘Red Eléctrica Forest’ 
Since the inception of the Red Eléctrica Forest 
in 2009, the Company has contributed to the 
recovery of 16 forests in Spain. In 2020, a total 
of 22,785 trees were planted (pines, holm oaks, 
oaks, strawberry trees and yews) in Red Eléctrica’s 
Salamanca Forest, which has allowed the recovery of 
21 ha in the municipality of Agallas (Salamanca). The 
Company has also signed a collaboration agreement 
with the Regional Government of Navarra for the 
reforestation of several public utility forests.
Birdlife conservation
The main objective of birdlife conservation 
projects is to collaborate in the conservation  
or reintroduction of endangered species.  
It should be noted that electricity transmission 
grid infrastructure actually does play a role in 
the birdlife ecosystem, as in some cases towers 
can serve as vantage points for birds to protect 
themselves from predators or can be used as 
nesting sites by some species.
Egyptian vulture (Neophron 
percnopterus) nesting  
platform in Extremadura
In 2020, the birth of an Egyptian Vulture chick was 
recorded on a 400 kV line (the first registered in 
Europe). The chick, named ‘Berto’, was fitted with 
a radio transmitter and additionally, a camera was 
installed in the nest to continuously monitor its 
evolution. ‘Berto’ has migrated south to Africa and 
is expected to return to Extremadura during the 
breeding season. The work was carried out 
in collaboration with the Regional Government  
of Extremadura and with MITERD.
Osprey (Pandion haliaetus) 
nesting platforms in Cádiz
Since 2010, 4 nesting platforms have been  
installed on electricity line towers in the vicinity  
of the Barbate reservoir (Cádiz) and chicks born 
have been ringed. The Osprey, which has not 
reproduced in Andalusia since the 1980s, has 
gone back to nesting and breeding in the region. 
Specifically, in 2020, three breeding pairs (30%  
of the pairs detected in Andalusia) reared 5 chicks 
in nests located on Red Eléctrica towers. The 
project is carried out in collaboration with the 
MIGRES Foundation and the Regional Government 
of Andalusia.
Birdlife conservation projects  
of note in 2020
The ‘Red  
Eléctrica Forest’  
in figures  
2009-2020
Trees and shrubs 
planted
704,878
Investment
2,190,582 
€
Surface
area recovered
864
ha
Emissions 
offset
201,626
tCO₂ eq.

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TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
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The ‘Red Eléctrica Marine Forest’ 
The Marine Forest is a worldwide pioneering 
innovation project. Between 2012 and 2016, 
the Company developed an R&D+i project in 
collaboration with the Mediterranean Institute  
of Advanced Studies (CSIC-IMEDEA) on the use  
of seeds or fragments of Posidonia oceanica  
in the restoration of degraded areas of its  
natural habitat.
As a continuation of this project, an agreement 
was signed in 2017 with CSIC-IMEDEA and the 
Balearic Islands Government for the restoration 
of 2 ha of Posidonia oceanica seagrass meadows 
in the Bay of Pollensa. Replanting works 
associated with this restoration project were 
completed in 2020. The recovered area has been 
monitored to date, and the results of the project 
have shown a survival rate of the fragments 
exceeds 90%.
Noteworthy is Red Eléctrica’s contribution to the 
conservation of the coastal seabed thanks to 
the use of 14 unmanned underwater remotely 
operated vehicles (ROVs), provided in 2019 
within the framework of an agreement with the 
Government of the Balearic Islands; said ROVs 
were mainly used to monitor the state of the 
Posidonia seagrass meadows.
In 2020, the restoration of 2 ha of Posidonia 
oceanica seagrass meadows was completed. 
Based on the periodic monitoring of the 
recovered area, it shows that the survival 
rate of the fragments exceeds 90%.

345
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
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development of four individual animated videos  
in which children learn how to prevent and protect 
themselves from forest fires.
In addition, the Red Eléctrica Group cooperates with 
other entities in raising awareness and providing 
training in this field. In 2020, the Company 
collaborated with the Pau Costa Foundation in the 
To further raise awareness of the conservation  
of marine environments, the Group participates  
in the promotion of various educational 
programmes:
∫ ‘Bringing Posidonia into the classroom’ in 
collaboration with the teaching community of 
the Balearic Islands and IMEDEA (Mediterranean 
Institute for Advanced Studies) to carry out 
informative sessions and field visits for students 
in the region.
∫ Collaboration with the Marine Interpretation 
Centre ‘Aula de la Mar’ in Majorca in a programme 
of workshops for schoolchildren. In the 2020 
academic year, 38 workshops were conducted  
for a total of 950 students.
∫ Preparation of materials for the exhibition on 
Posidonia oceanica and the ‘Red Eléctrica Marine 
Forest’ project scheduled to be held by the 
Company in 2021.
Forestry management 
and the fight against forest fires
As part of the Company’s forestry management 
framework, Red Eléctrica collaborates with the 
public administrations involved, in an active  
and ongoing manner, through the signing  
of collaboration agreements, which involve  
the carrying out of various actions aimed 
at the prevention and fight against forest fires.
Measures for the  
prevention of forest 
fires
• Study and design of preventive actions 
in particularly vulnerable areas of 
Extremadura.
• Acquisition of fire prevention and 
extinguishing equipment for the 
emergency services of the Provincial 
Councils of Alava, Gipuzkoa and 
Navarra.
• Meteorological information service, 
simulations and alerts to support 
intervention teams and civil protection 
groups (fire brigades) of the Provincial 
Council of Alava, Gipuzkoa and Navarra.
• Preventive clearing of scrubland in 
areas at risk of forest fires: elimination 
of scrubland ground cover in the 
mountain range of Navarra and removal 
of high density and tall scrub, mainly 
gorse (Ulex ssps.) and dry heather 
(Erica ssps.) in Vizcaya.
Training on fire fighting
• Training programme for State security forces 
and law enforcement agencies in Spain through 
5 fire prevention training days in 2 autonomous 
communities, with the participation of 170 
attendees.
• Training for 170 experts, forestry agents, 
forepersons and operators from the Department 
of Sustainability and Natural Environment of 
the Provincial Council of Vizcaya participated. 
The assistants acquired skills regarding human 
factors and safety, evaluation and forecasting 
of fire behaviour, initial attack strategies and 
practical examples of decision making.
• Citizen awareness campaign ‘Yo me enchufo 
a la prevención’ (I am plugged into prevention) 
in Castilla y León. Production of informative 
audiovisual material for the general public, 
as well as educational material for fire-
fighting crews (videos) and the publication 
of the ‘Manual de organización de incendios 
forestales en Castilla y León’ (Forest firefighting 
organisation manual for Castilla y León) 
as supplementary documentation for the 
reinforcement of training activities of the 
Castilla y León Fire Control Centre.
Execution of  
relevant projects
• Agreement with the Technical 
Engineering University of Valencia 
(Universidad Politécnica de 
Valencia) for the modelling and 
mapping of live fuel moisture 
content in the Region of Valencia. 
During 2020, Phase 1 of the 
project was carried out, which 
consisted of the analysis of field 
data and zoning of the province 
of the city of Valencia and the 
definition of the models.
Noteworthy actions in 2020 linked  
to collaboration agreements for preventing  
and fighting of forest fires

346
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VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
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LETTER FROM  
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AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
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8.4
Socio-economic  
development of the territory
103-1 / 103-2 / 103-3
Key indicators  
in 2020
• 9,010,770 euros  
in 377 social initiatives.
• 135,300 food rations from 
70 local producers distrib-
uted in the #Alimentos_sol-
idarios project (solidarity 
foodstuffs).
• 30 entrepreneurs received 
advice about developing their 
business ideas through the 
Holapueblo project.
• 33.6% participation 
level of the Group’s individual 
volunteers.
2020 milestones
• Support for the most 
vulnerable groups during the 
COVID-19 pandemic and the 
related economic and social 
crisis.
• Deployment of the first 50 
satellite based WiFi hotspots 
in remote regions of Brazil.
• Pastoreo enRED (livestock 
grazing project). Controlling 
the growth of vegetation by 
allowing livestock to graze in 
the electricity line safety cor-
ridors therefore incorporating 
technology into the animal 
husbandry sector.
Challenges  
for 2021
• Strengthen existing networks 
of social agents and entre-
preneurs for innovation in 
rural areas.
• Continue with the identifica-
tion of projects that contrib-
ute to digitalisation and the 
reduction of the digital divide 
in rural environments. 
• Strengthen the process-
es of participation in the 
co-creation of projects and 
initiatives of social content, 
which respond to rural 
depopulation.
Awards and 
recognition
• SERES 2020 Award for 
Corporate Innovation and Social 
Commitment to the #Alimentos_
solidarios project (solidarity 
foodstuffs).
• 2020 INNOVATION + 
SUSTAINABILITY + NETWORK 
Award, in the Large Company 
category for the Holapueblo 
project, awarded by  
Expansión, Bankinter,  
Viesgo and the IE  
University.

347
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LETTER FROM  
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OUR RESPONSE  
TO THE  
COVID-19
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REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
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promotes social action as an essential element  
of its Corporate Responsibility commitment, 
which is carried out through actions defined in 
cooperation with various institutions and public  
and private entities to respond to the demands  
for collaboration put forth by stakeholders.
The Group’s model for contributing to the 
development of the environment is aimed at 
creating sustainable value in the territories in 
which its facilities are located, and with which 
it maintains constant communication in order 
to identify stakeholder needs and, as a result, 
participate in improving their quality of life.
In this regard, the Company fosters actions  
and investments aligned with its business 
objectives that promote local development, 
biodiversity conservation and the promotion  
of education, culture and heritage.
Investment in the community
Within the framework of the business development 
strategy, the Red Eléctrica Group considers and 
Areas of action / % /
28 %
Health
28 %
Socio-economic 
development
23 %
Natural 
environment 
1 %
Art and Culture
4 %
Social  
well-being 
Type of action / % /
INITIATIVES ALIGNED WITH BUSINESS GOALS
59.8
SOCIAL INVESTMENT
10.2
Red Eléctrica promotes actions and 
makes investments aligned with  
its business objectives that foster 
socio-economic development, territorial 
cohesion and social inclusion.
SPECIAL ONE-OFF CONTRIBUTIONS
30.0
16 %
Education

348
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RED ELÉCTRICA
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2
STRATEGY
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CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
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Social innovation
103-1 / 103-2 / 103-3
In order to strengthen the commitment of the 
Red Eléctrica Group with the territories in which 
its facilities are located and to continue to 
promote the creation of shared value, in 2018, 
the Company formalised its commitment to the 
social innovation area through the definition of the 
Group’s social innovation plan. This plan, aligned 
The COVID-19 pandemic and the related economic 
and social crisis have required the efforts of the 
Group this year, which has launched initiatives to 
reduce the impact of the health crisis, especially 
among the most vulnerable groups. This 
information is detailed in the Our response  
to COVID-19 
 section in this report.
In 2020, the Company contributed 9,010,770 
euros (1.5% of its net profit) to the development or 
promotion of social initiative, in accordance with 
LBG methodology (London Benchmarking Group). 
Among the 377 social initiatives carried out, special 
attention was paid to those focused on providing  
a rapid and effective response to the needs arising 
from COVID-19, the fight against rural depopulation 
and the conservation of biodiversity.
Company’s contributions to social initiatives by type  / % /
3 %
Reputational
12 %
Biodiversity
4 %
Institutional
13 %
Climate  
change
5 %
Presence in sectoral 
bodies and  
institutions
15 %
Dissemination, 
education and 
training
7 %
General  
costs
30 %
Cooperation and 
volunteering (*)
1 %
Heritage  
and culture
11 %
Local  
development
(*) Includes extraordinary actions for contributions related to COVID-19.
Social 
innovation  
is part of the 
cross-cutting 
axis for the 
acceptance of 
new investment 
projects in the 
transmission 
grid.

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4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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with the Company’s Strategic Plan and the 2030 
Sustainability Commitment, establishes an open 
and collaborative model with external players, with 
the aim of positioning the Red Eléctrica Group as 
a benchmark company in the fight against the 
rural depopulation in Spain.
Social innovation principles and vectors  
of the Red Eléctrica Group
The Red  
Eléctrica  
Group’s social 
innovation 
principles
Promoting 
agroecology
Promoting the energy 
transition
Reducing 
the digital divide
Supporting local 
innovation
The Social 
Innovation Plan 
aims to position 
the Group as 
a benchmark 
company 
in the fight 
against rural 
depopulation.

350
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CORPORATE  
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4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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that promote the values of the local community, and 
which are materialised through innovative projects 
that arise from local entrepreneurs.
The Group promotes agreements and alliances with 
other local entities and maintains contact with the 
various public administrations and social agents 
Supporting local innovation
The Red Eléctrica Group deals with and  
promotes new innovative solutions that social 
entrepreneurs come up with to deal with the 
problems and needs of their communities.  
This makes it possible to design a new approach 
to join forces through the power of co-creation 
and collective impact, favouring the repopulation 
of sparsely populated areas.
Holapueblo
Actions carried out in 2020
• Signing of collaboration protocols with the provincial councils of 
Burgos, Palencia, Soria, Guadalajara, Cuenca, Huesca and Teruel and 
selecting the 52 villages among these 5 provinces with high levels  
of depopulation.
• Analysis of 428 applications from entrepreneurs with business  
projects for this initiative.
• Signing of an agreement with Correos (Spanish postal service)  
and AlmaNatura to launch the 2nd edition of Holapueblo.
Results
• 30 entrepreneurs received advice about developing their business 
ideas.
• 25 entrepreneurs were provided with individual mentoring sessions 
aimed at developing business plans.
• 7 of the people and their families who received mentoring sessions 
moved to one of these villages and are implementing their business idea.
Actions carried out in 2020
• Signing of an agreement with the El Hueco association 
and support from the Local Council of Paredes de Nava.
• Workshops on repopulation and the new rural culture  
for young people in secondary education.
• Colloquium on social innovation with local entrepreneurs 
and businesspeople.
• ‘Started Paredes de Nava’ contest for business ideas. 
Presura 20: 4th National Fair  
for the repopulation of rural Spain
Actions carried out in 2020
• Signing of an Agreement with the El Hueco 
association.
• Presentation of PRESURA 20 at the Reina Sofia 
Museum.
• Support for the tour of the Repopulation Bus under 
the slogan ‘Rural is the vanguard’.
• Broadcast of the tour with the support of the Spanish 
communications satellite operator of the Red 
Eléctrica Group, HISPASAT.
• Publication of articles in PRESURA 20 magazine on 
the active role of the Red Eléctrica Group in the rural 
world.
• Expansion of the collaboration network among those 
involved in the fight against rural depopulation.
Noteworthy projects aimed at supporting  
local innovation
Creation of entrepreneurship and social innovation ecosystems in Paredes de Nava (Zamora)
Received the
2020 INNOVATION +  
SUSTAINABILITY + 
NETWORK AWARD
‘HOLAPUEBLO’
IN THE LARGE COMPANY CATEGORY  
AWARDED BY EXPANSIÓN,  
BANKINTER, VIESGO AND  
THE IE UNIVERSITY

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GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
resources, as well as cultural diversity and the 
exchange of knowledge through participatory 
processes, without losing sight of the social 
component, from which special attention is paid 
to the role of women and young people in rural 
environments.
The Red Eléctrica Group, through the formalisation 
of alliances, collaborates with rural territories 
in their economic development, participating in 
the creation of new opportunities based on the 
promotion of services generated by ecosystems 
for human well-being and safeguarding natural 
Promoting agroecology
Agroecology applies the concepts and principles 
of ecology to the design, development and 
management of sustainable agrosilvopastoral 
systems, with the aim of obtaining healthier  
food and improving biodiversity.
Pastoreo enRED
Actions carried out in 2020
• Approval of the ‘Pasture Plan’ and ‘Livestock 
Guides’ by the Government of La Rioja and 
Calahorra Local Council.
• Use of technology, through geographic information 
systems and remote sensing with drones and  
GPS collars to monitor livestock movements.
• Publication of a guide to facilitate the replicability 
of the project.
Results
• 700 head of sheep have cleared 13 ha of  
safety corridors through natural grazing, and this 
process to clear plants and foliage complies with 
vegetation clearance standards. This initiative 
enhances ecosystem services such as the 
provision of food, regulating disease and climate 
and providing cultural benefits. This favours 
biodiversity and, ultimately, society’s well-being.
Shepherd’s school
Actions carried out in 2020
• Signing of an agreement with the Campo Adentro 
association, with the support of the State Federation  
of Shepherds’ Associations, and the town councils  
of El Boalo-Cerceda and Mataelpino (Madrid), for 
collaboration with the Madrid Shepherd’s School  
in the 2020 edition. 
Results
• 50 students were selected out of the 130 applications 
received to take the theoretical module; 30 of them did 
the practical training in the field.
Solidarity foodstuffs  
(Alimentos solidarios)
Actions carried out in 2020
• Signing of an agreement with the Federation of Rural 
Women’s Associations (FADEMUR).
• Purchase of fresh and seasonal food and its donation to 
nearby social institutions that assist vulnerable families 
and groups at risk of exclusion.
Results
• Distribution of 135,300 food rations of fresh and seasonal 
produce over a five-week period.
• 70 local producers have provided an outlet for their 
perishable products.
• 71 social organisations participated in the distribution of 
foodstuffs in 24 provinces in 13 autonomous communities.
Noteworthy projects aimed at boosting agroecology
#Alimentos_solidarios (solidarity foodstuffs) 
has been awarded the SERES 2020 award for 
Corporate Innovation and Social Commitment.

352
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
The Red Eléctrica Group seeks solutions  
that reduce the digital divide in isolated rural 
environments through technology. In this regard, 
it carries out the increased deployment of 
broadband using REINTEL’s fibre optic network, 
so that all people in the areas surrounding Red 
future of small municipalities that are becoming 
increasingly depopulated. The Internet represents 
an opportunity for the future and a tool to attract 
and establish population.
  
Bridging the digital divide
In Spain, there are more than 2,600 villages that 
do not have internet access at a minimum speed 
of 10 Mbps and more than 300,000 people who 
have to navigate the Internet at speeds of less 
than 2 Mbps. Connectivity is essential for the 
Improving connectivity 
in rural areas
Actions carried out in 2020
• Signing of an agreement with Nordesnet.
• Granting access to the dark optical fibre owned  
by the Red Eléctrica Group to improve connectivity 
in rural areas.
Results
• 12 households in three municipalities in Segovia 
(Navares de las Cuevas, Cerezo de Abajo 
and Castroserracín) now have high-quality 
connectivity.
Natural disasters  
or emergency situations
Actions carried out in 2020
• Restoration of communications on the islands  
of Providencia and Santa Catalina (Colombia) after  
the impact of hurricane Iota.
Results
• Provision of satellite capacity and VSAT terminals 
for the deployment of 5 WiFi hotspots. Two of them 
have provided free Internet access to the inhabitants 
of Providencia, one to the citizens of Santa Catalina, 
and two for the command and operations posts of the 
Colombian Civil Defence, which led the early recovery 
operation.
Satellite connection projects  
in isolated environments  
in Latin America
Actions carried out in 2020
• Agreement signed with Altán (Red Compartida  
de Telecomunicaciones) in Mexico, to provide  
Ka-band satellite links to extend Altán’s Red Compartida 
(shared network) in remote areas of Mexico via the 
Amazonas 5 satellite through 65 base stations, in order 
to provide 4G LTE mobile voice and data broadband  
in areas where terrestrial infrastructure deployment  
is not feasible.
• Collaboration with EasyTV to bring internet to remote 
regions of Brazil that lack connectivity through the 
Facebook Connectivity’s Express WiFi platform and 
with the Ka-band coverage of HISPASAT’s Amazonas 5 
satellite.
• Agreement signed with Claro to bring 3G and 4G 
connectivity to 250 rural communities in Argentina.
Results
• Deployment of the first 50 satellite WiFi hotspots  
in Brazil.
Noteworthy projects aimed at bridging the digital divide

353
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
to develop and maintain a sustainable energy  
model that effectively meets the energy needs  
of citizens.
Corporate Volunteering
The Healthy Workplace Model of the Red  
Eléctrica Group includes the promotion of the 
welfare of people through actions that in turn 
represent the well-being of those areas of society 
in most need, seeking to extend its commitment 
not only to its working environment but also  
to the community.
In this regard, the Corporate Volunteering Model 
of the Red Eléctrica Group, approved in 2017, 
extends the Company’s social action, promoting 
and enhancing collaboration in solidarity activities 
that respond to needs, problems and social 
interests that are defined in its primary courses  
of action.
The Corporate Volunteering Model has  
a strategic and transformational approach, 
so that the actions deployed aim, on the one 
hand, to channel internal talent to the corporate 
volunteering service and, on the other, to provide 
innovative solutions to social and environmental 
problems. In this regard, the actions carried out 
in 2020 have contributed primarily to improve the 
quality of life of groups at risk of social exclusion, 
promote employability and meet the specific  
and real demands of society.
Eléctrica’s facilities can access information and 
communication technologies. For their part, the 
HISPASAT satellites allow access to the Internet at 
any point on the planet and has become a unique 
tool that enables widespread access to quality 
telecommunications services.
Boosting the energy transition
The Red Eléctrica Group plays an active role  
in the new energy transition model; carrying out 
actions that bolster and promote a society that  
is better informed and has a greater capacity 
Guide to the Energy  
Transition in Local  
Entities
Actions carried out in 2020
• Drafting of the Guide to the Energy Transition  
in Local Entities in collaboration with the Spanish 
Federation of Municipalities and Provinces (FEMP).
Results
• Dissemination of the Guide in the 8,131 
municipalities of Spain through FEMP’s ‘Carta  
Local’ website.
Solar power installations  
in Castilfrío de la Sierra (Soria) 
Actions carried out in 2020
• Design of the first rural community self-consumption model.
• Signing of the Articles of Association and Founding  
Charter of the Energy Community, and an online broadcast  
of the event.
• Installation and commissioning of two solar photovoltaic 
installations of 9 and 6 kWp.
Results
• Coverage of 60% of the municipality’s electricity demand.
• Reduction of the carbon footprint by 6.98 t CO₂eq per year.
Noteworthy projects aimed at boosting  
the energy transition

354
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
SUSTAINABILITY 
REPORT
2020
www.ree.es/en
exceeding the target set at the beginning of the 
year (20%).
participation, were replaced by other actions 
carried out via remote means. This change has 
not prevented the volunteering actions carried 
out in 2020 from reaching a level of participation 
of 33.6% of individual volunteers, significantly 
As in other areas of the Company, the  
COVID-19 pandemic has had a major impact  
on the development of actions, as most of 
those that were initially planned in the annual 
programme, which required face-to-face 
Social volunteering
Donation campaign with  
the Food Bank
• Online collection campaign for the purchase  
of basic necessities (foodstuffs) to help alleviate 
the effects of the pandemic.
• 59 volunteers took part.
• 2,670 euros collected by volunteers, equivalent  
to 2,518.87 kg of foodstuffs.
CREATICA Day 
Promotion of higher education among teenage 
girls from vulnerable groups, with a special focus  
on STEM careers.
• Practical workshop on computer programming  
in which 6 volunteers from the Company took part 
during the 2nd Women’s Week in RED.
Letters Against Loneliness
Production of letters and drawings addressed to 
elderly people in old people’s homes in collaboration 
in collaboration with HandOn Spain.
• 25 volunteers took part.
• 25 letters were written.
Red Cross Donation campaign
Online collection campaign for the purchase of basic 
necessities (foodstuffs, hygiene products and school 
supplies) to help alleviate the effects of the pandemic.
• 106 volunteers took part.
• 5,000 euros raised.
Christmas activity with the Red Cross
Collection of a total of 175 new books for children  
aged 0 to 9 years old in all territories nationwide with  
the collaboration of the Red Cross.
• 175 volunteers took part.
Christmas activity
Production of Christmas greeting cards for elderly people 
in old people’s homes in collaboration with the Desarrollo  
e Integración Foundation.
• 9 volunteers took part.
• 13 cards made.
Environmental volunteering
#plant a new world from home
Environmental and social project consisting of receiving 
a kit of seeds, sustainable and compostable materials, 
(prepared by people with disabilities) to plant in home 
environments in collaboration with the Juan XXIII 
Foundation.
• 368 volunteers took part.
#stay in the nest
Knowledge of city birds, to highlight their importance  
in biodiversity in collaboration with SEO/BirdLife. With  
a virtual training workshop and use of the e-bird app.
• 6 volunteers took part.
Nesting boxes
Raising awareness in society about the importance  
of caring for urban biodiversity and involving the different 
stakeholders (citizens, administrations, companies, 
associations) in its conservation in collaboration with  
SEO/BirdLife.
• 8 volunteers took part.
Key corporate volunteering actions in 2020

www.ree.es/en
355
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Annexes

www.ree.es/en
356
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
The Annual Report on the Management of the 
Code of Ethics and Professional Conduct sets 
out the circumstances arising in relation to the 
corporate system for the management of ethics of 
the Red Eléctrica Group in 2020.
The Code of Ethics and Professional Conduct 
seeks to provide an ethical guide for all the people 
of the companies that make up the Red Eléctrica 
Group, establishing the ethical values and the 
principles and standards that shall govern their 
business conduct when carrying out any of the 
Groups’ activities.
The current edition of the Code of Ethics and 
Professional Conduct of the Red Eléctrica Group 
was approved by the Board of Directors of its 
parent company on 26 May 2020, undertaking the 
requirements demanded by stakeholders and the 
recommendations of organisations of repute with 
influence in this area. 
The Code of Ethics and Professional Conduct is 
incumbent on the Group’s entire workforce as well 
Executive Report on 
the Management of the Code of Ethics 
and Professional Conduct in 2020
The Code of Ethics and Professional Conduct aims 
to provide an ethical guide for all the people of the 
companies of the Red Eléctrica Group, determining 
the ethical values and the principles and standards 
of conduct that shall govern their business activity.

www.ree.es/en
357
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
as on the members of the administrative bodies 
of the companies that make up the Red Eléctrica 
Group, in the performance of their duties and 
responsibilities, and is applied in all the companies 
in which the Group has a majority shareholding, 
regardless of their geographical location or 
business activity.
Ethics Manager and  
Stakeholder Ombudsman
To ensure understanding, implementation and 
enforcement of the Code of Ethics and Professional 
Conduct, the Red Eléctrica Group appointed 
Carlos Méndez-Trelles García, 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 regarding the Code of Ethics 
and Professional Conduct.
• Institute proceedings regarding grievances 
submitted that are related with the application of 
the Code. 
• Draft action plans to resolve grievances reported 
and submit them for approval by the Chairperson 
of the Red Eléctrica Group. If the grievance is 
related to a member of the Executive Committee 
or the Board of Directors, it will be submitted to the 
Chair of the Audit Committee or, where appropriate, 
to the Chair of the Sustainability Committee, 
depending on the nature of the grievance.
• Prepare a periodic review report on the ethics 
management system and propose actions to 
improve it.
Whistle-blowing Channel
A compliance and whistle-blowing channel is 
available through the corporate website to promote 
the Code of Ethics and Professional Conduct 
application, through which inquiries, grievances,  
or suggestions can be submitted and conveyed to 
the Ethics Manager.
Regarding the whistle-blowing channel made 
available for the detection and handling of possible 
non-compliances, grievances, enquiries and 
suggestions, in 2020, 10 enquiries were made to 
the Ethics Manager, all with a maximum resolution 
time of 10 days. / 406-1
The enquiries made have referred to the following 
ethical principles: 
• Prevention of corruption.
• Conservation and improvement of the natural 
environment.
• Respect for people and rights at work.
The Ethics Mana-
ger is responsible 
for ensuring the 
understanding, im-
plementation and 
enforcement of 
the Code of Ethics 
and Professional 
Conduct of the Red 
Eléctrica Group, 
resolving enquiries, 
advising stakehol-
ders and ensuring 
the institution of 
proceedings regar-
ding grievances 
submitted.

www.ree.es/en
358
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
• Management of conflicts of interest.
• Protection of the confidentiality of information and 
personal data.
In 2020, three grievances were received 
regarding compliance with the Code of Ethics and 
Professional Conduct. The details of each grievance 
are shown below: 
• Grievance regarding the ethical value ‘sustainability’, 
filed by a private individual, in relation to an alleged 
situation of power outages. The grievance/file was 
closed due to the fact that the incident was caused 
by an electricity company unaffiliated with the Red 
Eléctrica Group. The Ethics Manager does not have 
the legitimacy to act in this case, as his sphere of 
competence is limited to possible non-compliances 
with the Code of Ethics and Professional Conduct 
of the Red Eléctrica Group that may have been 
committed by one of the Group's companies or its 
employees.
• Grievance regarding the ethical value ‘sustainability’, 
filed by a private individual, in relation to the state 
of a transformer and its possible impact on the 
environment and people. The grievance/file was 
closed due to the fact that detailed information 
regarding the events reported and the location 
where they occurred was not received. Without 
said information, the necessary steps to design 
the solution that can respond to and resolve the 
situation or event reported cannot be initiated.
• Grievance regarding the ethical value ‘integrity’, 
filed by a private individual who allegedly would 
represent a series of entities with interests linked 
to the request for a service. Said representation 
could not be accredited by the claimant. 
The Ethics Manager proceeded to close the 
grievance/file as it did not entail or might lead 
to any business conduct contrary to the Code of 
Ethics and Professional Conduct by any member 
of the Red Eléctrica Group in relation to the facts 
described.
Among the functions undertaken by the Ethics 
Manager is the obligation to communicate and 
convey to the appropriate bodies the grievances 
that could lead to a criminal risk for the 
In 2020, the 
Ethics Manager 
received no 
grievance on 
non-compliance 
related to criminal 
risk, and none  
of the companies 
of the Red 
Eléctrica Group 
have been 
investigated or 
convicted by any 
court of law for 
infringements 
related to  
criminal risks.

www.ree.es/en
359
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
been investigated or convicted by any court of law 
for infringements related to criminal risks of the 
organisation.
Revision of the performance   
standard of the compliance   
and whistle-blowing channel
On 1 December, 2020, the Executive Committee 
of the Red Eléctrica Group approved the ‘Action 
Guide for the Management of the Compliance and 
Whistle-blowing Channel’, which is the internal 
standard that regulates the management of such 
ethical channels. The new guide has been approved 
to adapt the performance standard of the Channel 
to: the criteria established by the Code of Ethics 
and Professional Conduct; the Organic Law on 
Data Protection and Guarantee of Digital Rights, 
whose article 24 regulates the information systems 
regarding the reporting of internal grievances; 
and the European Directive 2019/1937, of October 
23, 2019, on the protection of people who report 
breaches of Union law. 
The Red Eléctrica Group has had the collaboration 
of Transparency International for the revision of 
the standard that regulates the Compliance and 
Whistle-blowing Channel.
During 2020, work has been done on the 
implementation of a new IT tool that includes 
updates to the Compliance and Whistle-blowing 
Channel. It is expected to be operational in early 
2021 and therefore members of the organisation, 
as well as its stakeholders, may access this 
channel to submit enquiries and grievances 
through this new IT application.
Integrity and Transparency
The Code of Ethics and Professional Conduct, 
and the corresponding management system for 
enquiries and grievances, which include aspects 
related to the fight against corruption, constitutes 
an effective mechanism for the detection and 
handling of possible cases of corruption and fraud. 
All governing bodies, senior management and 
employees of the Red Eléctrica Group must adapt 
to the business conduct principles and guidelines 
set out in the Code of Ethics and Professional 
Conduct. Suppliers shall also adapt their business 
conduct to undertake and to respect the principles 
and guidelines set out in the Group’s Supplier Code 
of Conduct.
As a result of the commitment undertaken by 
Red Eléctrica to prevent any 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. 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 
ETHICS MANAGER
In 2020
10
ENQUIRIES
MADE AND WERE RESOLVED IN A MAXIMUM 
RESOLUTION PERIOD OF 10 DAYS
companies of the Red Eléctrica Group, in order for 
the Criminal Compliance Committee of the Group, 
of which the Ethics Manager is a member, to be 
able to assess the aforementioned grievances 
and, if appropriate, initiate an investigation into 
the grievance until it is resolved. 
In 2020, as occurred in previous years, the 
Ethics Manager received no grievance on non-
compliance related to criminal risk, and none of 
the companies of the Red Eléctrica Group have

www.ree.es/en
360
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
action criteria, thereto, that should govern their 
professional activities within the same. Its purpose 
is to provide members of the Red Eléctrica 
Group with an analysis of the circumstances and 
the risks they face regarding corruption and to 
increase awareness of the criteria and knowledge 
of the instruments available to the Company so 
that corruption can be erradicated.
Over the last year, no grievance has been 
registered through the compliance and  
whistle-blowing channel regarding possible 
corruption cases. No company of the Red 
Eléctrica Group has been subject to investigation 
or convicted by any court of law for any  
non-compliance related to corruption cases, in 
line with previous years.
Recognitions 
In the field of external recognition, noteworthy 
is Red Eléctrica's leadership in the ‘Code of 
Business Conduct’ criterion of the S&P Global 
assessment conducted by the Dow Jones 
Sustainability Index (DJSI). Red Eléctrica has 
obtained the maximum score (100 out of 100 
points) in this criterion, 11 points above the 
average of the companies in its sector who form 
part of this index. Furthermore, it also reached 
the maximum percentile (100) in the assessment 
and achieved the leadership position in its sector.
Alliances
Among the initiatives in which Red Eléctrica 
Group has participated in the promotion of 
business ethics, noteworthy is its status as a 
premium member of the Foro de integridad 
corporativa (‘Corporate integrity forum’) of the 
non-governmental organisation ‘Transparency 
International’ Spain. 
 
Similarly, the Red Eléctrica Group is a member of 
the Spanish Compliance Association 
 (ASCOM) 
and forms part of the group of large companies 
that are part of the Forética Transparency, Good 
Governance and Integrity Cluster.

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LETTER FROM  
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AND FROM  
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OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
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OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
After releasing its Green Finance Framework in 
September 2019, Red Eléctrica de España S.A.U. 
has issued its first Green Bond in January 2020, a 
€700 million green bond under the Euro Medium-
Term Notes Program (EMTN).
As set out in Red Eléctrica’s Green Finance 
Framework, the net proceeds of Green Finance 
Instruments will be exclusively used to finance 
and/or refinance in whole or in part eligible 
projects (‘Eligible Green Projects’) in the eligible 
categories, together forming the ‘Eligible Green 
Project Portfolio’:
The Green Finance Framework sets the basis 
for the identification, selection, verification and 
reporting of the Eligible Green Projects as well 
as the management of the proceeds from Green 
Finance Instruments. 
Within the framework, the categories relating 
to Eligible Green Assets are aligned with the 
Sustainable Development Goals of the United 
Nations (UN SDG) Goals 7, 11 and 13 in particular.
Red Eléctrica’s Green Finance Framework is 
verified against the International Capital Market 
Association’s (ICMA) Green Bond Principles 
(GBPs) and the Green Loan Principles 
(GLPs). This information can be found in the 
corresponding Second Party Opinion (SPO) 
prepared by Sustainalytycs which is available on 
the corporate website. 
Ernst and Young has provided limited assurance 
on specific elements of the allocation of the 
Green Bond proceeds. The assurance report 
is included in the Annex 
 section of this 
document.
With this report, Red Eléctrica fulfils its 
commitment as stated in its Green Finance 
Framework to report on the allocation of net 
proceeds and associated environmental impacts 
annually until the proceeds of each Green 
Finance Instruments have been fully allocated.
Green Bond 
Report
• Projects aimed at directly increasing the production of renewable energies.
• Projects aimed at integrating renewable energies.
• Projects aimed at improving the efficiency of the rail system.
Category
Eligible green projects
Renewable Energy
Clean Transportation

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GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
This report contains information on:
• the use of proceeds, allocation and impact reporting 
of the inaugural Green Bond issued, the only Green 
Finance Instrument issued to date.
• background information on the assets financed by 
the green bond issued in 2020.
• case studies on Canary and Balearic Islands  
projects both projects aimed at directly increase  
the production of renewable energies.
Allocation report
Investments included in Category A and in Clean 
Transportation only represent 50% of the total 
amount invested on each project as the other 50% 
was financed by the European Investment Bank 
Notes
All proceeds from the 2020 Green Bond have been  
fully allocated to the Eligible Green Projects categories 
and have been fully used for refinancing purposes. 
Allocation report                              
Portfolio date: 31 December 2019
USE OF PROCEEDS ALLOCATION TABLE
Eligible Green Project Portfolio 
per 31 December 2019 	                                                                     Green Funding  
Green Eligible 	
Eligible investments	
Instrument	
Issuance	
Maturity	
Amount 
Category	
volumes (mEUR)	
(ISIN)	
Date 	
Date	
 (mEUR)
Renewable Energy - Increasing  
the production of renewable  
energies (Category A)	
709	
XS2103013210	
24/01/2020	
24/07/2028	
700
Renewable Energy - Integration  
of renewables (category B)	
1,716
Clean Transportation	
70
Total 	
	
Total 
Eligible Green Project	
2,496	
Green Funding	
	
	
700
 
Percentage of Green Project Portfolio allocated to Green Finance Instruments:	
	
	
	
28%
Percentage of Net Proceeds of Green Funding allocated to Eligible Green Project Portfolio:	
	
	
100%
Percentage of Eligible Green Project Portfolio – Unallocated:	
	
	
	
72%
Percentage of Eligible Projects in the last 3 years (since 1 January 2017)	
	
	
	
23%
- Renewable Energy - Category A	
	
	
	
	
4.50%
- Renewable Energy - Category B	
	
	
	
	
17.83%
- Clean Transport	
	
	
	
	
0.65%
GREEN FINANCING 
FRAMEWORK
First green bond issuance  
carried out in January 2020
€700M
UNDER THE EURO MEDIUM-TERM  
NOTES PROGRAMME (EMTN)

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A BENCHMARK 
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OF REPORTING 
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GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
and therefore is not being refinanced with the 
proceeds of the Green Instruments. 
Investments included in Category B corresponds 
to a percentage of the total investment value. The 
percentage is the renewable power generation 
capacity ratio in each respective investment year. 
The renewable power generation capacity ratio 
is defined as the renewables installed capacity 
/ all sources electricity capacity in the Spanish 
Transmission grid. The evolution of this ratio in the 
period 2010-2019 is described in the table below: 
 
The investment period considered in this portfolio 
is 2010-2019. All the investments included in the 
portfolio have been carried out in Spain.
Impact report
	
2010	
2011	
2012	
2013	
2014	
2015	
2016	
2017	
2018	
2019
Reratio / % /	 41.0	 42.8	 44.8	 45.2	 45.4	 45.4	 46.0	 46.3	 46.7	 50.2
Impact Report                             
Portfolio date: 31 December 2019
	
	
	
	
Renewable	
Estimated	
	
Estimated	
	
	
Eligible	
Share of	
Eligibility	
energy	
Renewable	
	
avoided 	
	
ICMA / LMA	
investments 	
Total	
for Green	
installed	
energy	
Installed	
CO₂ emissions	
Contribution	
Contribution to EU 
Green Eligible	
volumes	
Portfolio	
Financing	
capacity	
production	
capacity	
(in tCO₂e	
to specific	
Environmental 
category	
(mEUR)	
Financing	
Instruments	
(in MW)	
(in MW per year)	
(in MVA)	
per year)	
UN SDG	
Objective
a/	
b/	
c/	
d/	
e/	
e/	
e/	
e/
Renewable Energy - Increasing 
the production of renewable energies 
(Category A)	
709.4	
28%	
100%	
	
6,000,133	
	
5,264,215	
SDG  7.13
Renewable Energy - Integration  
of renewables (Category B)	
1,716.4	
69%	
100%	
15,502	
	
	
	
SDG  7.13	
Clean Transport	
70.1	
3%	
100%	
	
	
1,498	
	
SDG  11
Total	
2,496.0	
100%	
100%	
15,502	
6,000,133	
1,498	
5,264,215
(1) All of them are indirect emissions. 
a/ Eligible category. b/ Eligible Investments represents the amount legally committed by the issuer for the portfolio or portfolio components eligible for Green Finance Instruments. c/ This is the share of the total portfolio per  
Eligible category. d/ This is the share of the total portfolio costs that is eligible for Green Finance Instruments. e/ Impact reporting indicators per Eligible category.
Climate 
change 
mitigation
(1)

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COMMITMENT TO  
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5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
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Notes to the impact report
Projects aimed at directly increasing  
the production of renewable energies 
• Capital investments aimed at directly integrating 
renewable energy generation to the grid.  
 
These projects enable the connection of new 
renewable capacity (MW) to the transmission grid.  
 
The expected amount of increased production 
of renewable energy (MWh/year) is calculated 
by multiplying the installed power capacity by 
technology (MW), identified for each project, per 
the average annual production (hours/year).  
 
It is considered an average annual production of 
2,310 hours for wind generation and 1,684 hours 
for photovoltaic generation based in a mid-term 
horizon forecast analysis.  
 
The estimated amount of CO₂ tons emissions 
avoided is calculated considering that the new 
production of renewable energy will replace 
mainly combined cycle production, that have an 
emission of 0.355 tCO₂ equivalent/MWh.    
• Capital investments aimed at integrating 
and enhancing the transmission capacity for 
renewable energy in the grid.  
 
The impact of these projects is calculated 
through a cost-benefit analysis based on complex 
methodology. The main indicators are based on 
the methodology CBA 2.0 of ENTSO-E approved  
by the European Commission in 2018.
Projects aimed at integrating renewable energies
Impact of this category is calculated considering the 
increase in the Renewable energy installed capacity 
along the period of the investments included in the 
Green Project Portfolio. 
Clean Transportation
Projects aimed at improving the efficiency  
of the rail system.
Impact of these projects is calculated considering 
the increase in the installed capacity for the 
rail system along the period of the investments 
included in the Green Project Portfolio. 
The funding obtained 
through green financial 
instruments are used to 
finance and/or refinance 
projects related to 
renewable energy or 
clean transportation.

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4 
COMMITMENT TO  
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5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
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Projects aimed  
at directly increase the production  
of renewable energy
Canary Islands
The Canary Islands is an isolated system that faces 
several structural problems: 
• Low tension levels: 66 kV simple circuit axis
• Low meshing
• Grid incidents
• Difficult for repairs
• Difficult for Renewable energy sources 
integration
 
Gran Tarajal-Matas Blancas: This Project allows 
the connection and evacuation of wind installed 
capacity in the substation of Matas Blancas that 
will produce a significant amount of renewable 
energy and CO₂ reduction by substituting diesel 
and fuel oil consumption in the thermal energy 
plants by replacing it with wind energy in the 
islands of Lanzarote and Fuerteventura.
Tias-Playa Blanca – La Oliva – Puerto del Rosario: 
This Project, further interconnecting the islands of 
Lanzarote and Fuerteventura, allows further use of 
the renewable energy sources generation allowing 
the possibility of this generation to supply the 
Lanzarote and Fuerteventura consumers and 
substituting fuel-oil and fuel oil consumption in 
the thermal energy plants. It also decreases the 
needs for thermal reserves due to the support of 
the system from the other island in the event of 
contingencies. 
In 2019, the Playa Blanca substation and the La 
Oliva-Puerto del Rosario line were commissioned.

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5 
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TAKING ACTION
6
DECARBONISATION  
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7
RESPONSIBLE  
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8
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-
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Case Study Interconnection  
Mallorca- Ibiza /Rómulo II
The Majorca- Ibiza submarine electricity 
interconnection is one of the most important 
investments made by Red Eléctrica from the point 
of view of security of supply and the structuring 
of the territory as it connects the two existing 
electricity sub-systems in the Balearic Islands and 
connects them to the Iberian and the European 
electricity market. It should be noted that this 
new link bolsters the interconnection between the 
islands and increases the value of the submarine 
interconnection between the Spanish mainland 
and the Balearic Islands, which began with the 
Rómulo project.
The main objective of this second phase of the 
Rómulo project, which amounts to 215 million 
euros, was to with the isolation of Ibiza's electricity 
system prior to the commissioning of this 
The second phase 
of the Majorca-
Ibiza link reinforces 
the process of 
interconnecting the 
Balearic Islands’ 
electricity systems 
and enables their 
integration within 
the Iberian and 
European markets.
interconnection, in addition to saving costs for 
the system and promoting competition in energy 
generation.
The Majorca-Ibiza submarine double-link is the 
world's longest in alternating current and the 
deepest of its kind to run along the sea bed at 
depths of up to 800 meters.
Additional information related to this project is 
included in the corporate website of the Red 
Eléctrica Group website.
 
Benefits  
for the  
islands
Reduce generation  
costs 
Improved  
energy efficiency
Improved electrical 
supply security
Reduced  
CO₂ emissions

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PAGE NUMBER
DIRECT ANSWER  
GRI STANDARD         
 
DESCRIPTION
Global Reporting Initiative (GRI) content index / 102-55
GRI 101: Foundation 2016 
GRI 102: General disclosures 2016 
 
 
 
 
Not applicable  
Not applicable  
 
Not applicable  
33
31, 33
-
31
33
31
2
2, 253
294
14, 33 
101, 260
92
338
-
-
309
158 
-
Name of the organisation. 
Activities, brands, products, and services. 
Location of headquarters. 
Location of operations. 
Ownerships and legal form. 
Markets served. 
Scale of the organisation. 
Information on employees and other workers. 
Supply chain. 
Significant changes to the organisation  
and its supply chain. 
Precautionary Principle or approach. 
External initiatives. 
Membership of associations. 
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 CO₂ emissions allowances or equivalent, broken down by carbon  
trading framework. 
102-1
102-2
102-3
102-4
102-5
102-6
102-7
102-8
102-9
102-10 
102-11
102-12
102-13
EU1
EU2
EU3
EU4 
EU5
Organisational profile 2016

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5 
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CHANGE AND  
TAKING ACTION
6
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OF THE ECONOMY
7
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Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
102-18
102-19
102-20
102-21
102-22
102-23
102-24
102-25
102-26 
102-27
102-28
102-29
102-30
102-31
102-32
Governance 2016 
51, 58
66
66
67
58
61
68
70
58 
70
70
110 
103
103
Governance structure. 
Delegating authority. 
Executive-level responsibility for economic, environmental and social topics. 
Consulting stakeholders on economic, environmental, and social topics. 
Composition of the highest governance body and its committees. 
Chair of the highest governance body. 
Nominating and selecting the highest governance body. 
Conflicts of interest. 
Role of the highest governance body in setting purpose, values,  
and strategy. 
Collective knowledge of the highest governance body. 
Evaluating the highest governance body’s performance. 
Identifying and managing economic, environmental, and social impacts. 
Effectiveness of risk management processes. 
Review of economic, environmental, and social topics. 
Highest governance body’s role in sustainability reporting. 
102-14
102-15
Strategy 2016 
3
97, 104, 110
Statement from senior decision-maker. 
Key impacts, risks, and opportunities.
102-16
102-17
Ethics and Integrity 2016 
200
200, 204
Values, principles, standards, and norms of behaviour. 
Mechanisms for advice and concerns about ethics.

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Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER  
GRI STANDARD         
 
DESCRIPTION
102-33
102-34
102-35
102-36
102-37
102-38
102-39
67
67
71
71
71
Communicating critical concerns. 
Nature and total number of critical concerns. 
Remuneration policies. 
Process for determining remuneration. 
Stakeholders’ involvement in remuneration. 
Annual total compensation ratio. 
Percentage increase in annual total compensation ratio. 
102-40
102-41
102-42
102-43
102-44
Stakeholder engagement 2016 
85
242, 257
85
15, 87, 90
15, 87, 90
List of stakeholder groups. 
Collective bargaining agreements. 
Identifying and selecting stakeholders. 
Approach to stakeholder engagement. 
Key topics and concerns raised. 
14, 33
15
15
14
15
12
13
13
14
13
367 
14, 382
Reporting practice 2016 
Entities included in the consolidated financial statements. 
Defining report content and topic Boundaries. 
List of material topics. 
Restatements of information. 
Changes in reporting. 
Reporting period. 
Date of the most recent report. 
Reporting cycle. 
Contact point for questions regarding the report. 
Claims of reporting in accordance with the GRI Standards. 
GRI content index. 
External assurance.
102-45
102-46
102-47
102-48
102-49 
102-50
102-51
102-52
102-53
102-54
102-55
102-56

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Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
203-1
203-2
153
325
Infrastructure investments and services supported. 
Significant indirect economic impacts.
GRI 203: Indirect economic impacts 2016 
103-1
103-2
103-3
217
217
217
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
GRI 201: Economic performance 2016 
217
99, 116 
-
-
201-1
201-2 
201-3
201-4
Direct economic value generated and distributed. 
Financial implications and other risks and opportunities for the organisation  
due to climate change. 
Obligations of the organisation for employee benefit programmes and other pension plans. 
Financial assistance received from governments. 
103-1
103-2
103-3
290
290
290
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Proportion of spending on local suppliers. 
GRI 204: Procurement practices 2016
294
204-1
103-1
103-2
103-3
200
200
200
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Operations assessed for risks related to corruption. 
Communication and training about anti-corruption policies and procedures. 
Confirmed incidents of corruption and actions taken. 
GRI 205: Anti-corruption 2016 
209
209
209
205-1
205-2
205-3

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LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
103-1
103-2
103-3
207-1
207-2
207-3 
207-4
325
325
325
330, 334
334
334 
331
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Approach to tax. 
Tax governance, control and risk management. 
Stakeholder engagement and management concerns  
related to tax. 
Country-by-country reporting. 
GRI 207: Tax 2018
206-1
-
Legal actions for anti-competitive behaviour, anti-trust,  
and monopoly practices. 
GRI 206: Anti-competitive behaviour 2016
EU10
154
Planned capacity against projected electricity demand over the long term, broken 
down by energy source and regulatory regime. 
Availability and reliability 2016 
EU11 
 
EU12
- 
 
189
Not applicable  
Average generation efficiency of thermal plants by energy source and  
by regulatory regime.  
Transmission and distribution losses as a percentage of total energy. 
System efficiency 2016

www.ree.es/en
372
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
103-1
103-2
103-3
302-1
302-2
302-3
302-4
302-5
178
178
178
192, 193
194
194
194
-
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Energy consumption within the organisation. 
Energy consumption outside of the organisation. 
Energy intensity. 
Reduction of energy consumption. 
Reductions in energy requirements of products and services. 
GRI 302: Energy 2016 
Not applicable  
 
Not applicable  
Not applicable  
303-1
303-2
303-3
303-4
303-5
-
-
-
-
285
Interactions with water as a shared resource. 
Management of water discharge related impacts. 
Water withdrawal. 
Water discharge.
Water consumption.
GRI 303: Water and effluents 2018

www.ree.es/en
373
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
103-1
103-2
103-3
304-1 
 
304-2 
304-3
304-4 
 
EU13
270
270
270
284 
 
275, 276, 277, 285 
275, 278, 341
278, 285, 286, 287 
 
-
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Operational sites owned, leased, managed in, or adjacent to,  
protected areas and areas of high biodiversity value outside  
protected areas. 
Significant impacts of activities, products,  
and services on biodiversity. 
Habitats protected or restored. 
IUCN Red List species and national conservation list  
species with habitats in areas affected  
by operations. 
Biodiversity of offset habitats compared to the biodiversity  
of the affected areas. 
GRI 304: Biodiversity 2016 
103-1
103-2
103-3
305-1
305-2
305-3
305-4
305-5
305-6
305-7
178
178
178
180, 195
181, 195
182, 196
197
197
-
-
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Direct GHG emissions (Scope 1). 
Energy indirect GHG emissions (Scope 2). 
Other indirect GHG emissions (Scope 3). 
GHG emissions intensity. 
Reduction of GHG emissions. 
Emissions of ozone-depleting substances (ODS). 
Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant 
air emissions.
GRI 305. Emisiones, 2016
Not applicable  
Not applicable

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374
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
306-1
306-2
306-3
306-4
306-5
-
288
288
288
-
Water discharge by quality and destination. -
Waste by type and disposal method. 
Significant spills. 
Transport of hazardous waste. 
Water bodies affected by water discharges and/or runoff.
GRI 306: Water and effluents 2016 
Not applicable  
Not applicable  
103-1
103-2
103-3
308-1 
308-2
290
290
290
261, 299 
261, 295
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
New suppliers that were screened using  
environmental criteria.
Negative environmental impacts in the supply chain and actions taken. 
GRI 307: Supplier environmental assessment 2016 
307-1
289
Non-compliance with environmental laws and regulations. 
GRI 307: Environmental compliance 2016 
401-1
401-2 
401-3
EU15 
EU17 
EU18
225, 254
251 
256
255  
258 
250
New employees hires and employee turnover. 
Benefits provided to full-time employees that are not provided to temporary  
or part-time employees. 
Parental leave. 
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 involved  
in construction, operation and maintenance activities. 
Percentage of contractor and subcontractor employees that have undergone 
relevant health and safety training. 
GRI 308: Employment 2016

www.ree.es/en
375
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
402-1
242
Minimum notice periods regarding operational changes. 
GRI 402: Labour/Management Relations 2016 
103-1
103-2
103-3
403-1
403-2
403-3
403-4 
403-5
403-6
403-7 
403-8 
403-9
403-10
244
244
244
244
244
244
244 
249
247
245 
244 
-
-
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Occupational health and safety management system 
Hazard identification, risk assessment, and incident investigation.
Occupational health services.
Worker participation, consultation, and communication on occupational  
health and safety.
Worker training on occupational health and safety 
Promotion of worker health.
Prevention and mitigation of occupational health and safety impacts  
directly linked by business relationships.
Workers covered by an occupational health and safety  
management system.
Work-related injuries.
Work-related ill health.
GRI 403: Occupational Health and Safety 2018 
See answer for indicator 403-10

www.ree.es/en
376
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
103-1
103-2
103-3
405-1
405-2
229
229
229
59,  253, 254
255
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach.
Diversity of governance bodies and employees. 
Ratio of basic salary and remuneration of women to men.
GRI 405: Diversity and equal opportunity 2016
103-1
103-2
103-3
404-1
404-2 
404-3
232
232
232
235, 236, 256
232, 240 
238, 257
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Average hours of training per year per employee. 
Programs for upgrading employee skills and transition  
assistance programs. 
Percentage of employees receiving regular performance and  
career development reviews. 
GRI 404: Training and education 2016
103-1
103-2
103-3
406-1
200
200
200
205, 357
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Incidents of discrimination and corrective actions taken.
GRI 406: Non-discrimination 2016 
407-1
213
Operations and suppliers in which the right to freedom of association and  
collective bargaining may be at risk. 
GRI 407: Freedom of association and collective bargaining 2016

www.ree.es/en
377
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
409-1
213
Operations and suppliers at significant risk for incidents of forced or  
compulsory labour. 
GRI 409 Forced or compulsory labour 2016
410-1
215
Security personnel trained in human rights policies  
or procedures.
GRI 410 Security practices 2016 
411-1
214
Incidents of violations involving rights of indigenous peoples. 
GRI 411 Rights of indigenous peoples 2016 
408-1
213
Operations and suppliers at significant risk for incidents of child labour.
GRI 408: Child labour 2016
412-1 
412-2
412-3
214 
215 
214
Operations that have been subject to human rights reviews or  
impact assessments. 
Employee training on human rights policies or procedures. 
Significant investment agreements and contracts that include human  
rights clauses or that underwent human rights screening. 
GRI 412: Human rights assessment 2016 
103-1
103-2
103-3
413-1 
413-2 
EU22
337
337
337
337 
265 
-
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Operations with local community engagement, impact assessments, and 
development programs. 
Operations with significant actual and potential negative impacts on  
local communities. 
Number of people physically or economically displaced and compensation  
by type of project. 
GRI 413: Local communities 2016
Not applicable

www.ree.es/en
378
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
103-1
103-2
103-3
414-1 
414-2
290
290
290
299 
295
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
New suppliers that were screened using  
social criteria. 
Negative social impacts in the supply chain and actions taken.
GRI 414. Supplier social assessment 2016
416-1 
416-2 
EU25
268 
- 
-
Assessment of the health and safety impacts of product and  
service categories. 
Incidents of non-compliance concerning the health and safety impacts  
of products and services. 
Number of injuries and fatalities to the public involving company assets,  
including legal judgments, settlements and pending legal cases  
of diseases.
GRI 416. Customer Health and Safety 2016
EU26
EU27 
EU28
EU29
EU30
-
- 
162
162
-
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.
Energy access 2016
 
Not applicable  
Not applicable  
 
Not applicable

www.ree.es/en
379
Continued on the next page >>
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Global Reporting Initiative (GRI) content index / 102-55
PAGE NUMBER
DIRECT ANSWER 
GRI STANDARD         
DESCRIPTION
103-1
103-2
103-3
418-1
-
308
308
-
Explanation of the material topic and its boundary. 
The management approach and its components. 
The evaluation of the management approach. 
Substantiated complaints concerning breaches of customer privacy and  
losses of customer data. 
GRI 418: Customer Privacy 2016 
419-1
-
Non-compliance with laws and regulations in the social and economic area. 
GRI 419: Socioeconomic Compliance 2016

www.ree.es/en
380
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
 
Note. The above only includes the issues set out in the reporting framework defined by the Sustainability Accounting Standards Board which are material issues and/or apply to the Red Eléctrica Group considering the type of activity it carries out.
PAGE
 
TOPIC 
 
ACCOUNTING METRIC 
Greenhouse Gas Emissions  
& Energy Resource Planning
Workforce Health & Safety 
Activity Metric
Environmental Footprint 
of Operations
Data privacy 
Data security 
 
Competitive behaviour  
& Open Internet 
Infrastructure Sector: Electric Utilities and Power Generators 
Technology and Telecommunications Sector: Telecommunications services 
• Gross global Scope 1 emissions, percentage covered under emissions-limiting regulations, and percentage covered  
under emissions-reporting regulations.
- Total recordable injury rate (TRIR).
- Fatality rate.
- Length of power transmission and distribution lines.
• Total energy consumed. 
• Percentage of grid electricity. 
• Percentage of renewable energy. 
• Description of policies and practices relating to behavioral advertising and customer privacy.
• Total amount of monetary losses as a result of legal proceedings associated with customer privacy.
• Number of data security breaches and percentage involving customers’ personally identifiable information (PII) 
and number of customers affected. 
• Description of approach to identifying and addressing data security risks, including use of third-party  
cybersecurity standards.
• Total amount of monetary losses as a result of legal proceedings associated with anticompetitive  
behavior regulations.
Sustainability issues and activity metrics 
180, 192 and following pages 
246, 250, 257, 258
160
192 and following pages
210 and following pages
210 and following pages 
 
371
The activity of the Red Eléctrica Group is encompassed within the following industries:
• Electric Utilities and Power Generators, made up of those companies that generate electricity, build and operate power transmission and distribution lines and sell electricity, including 
companies that operate in both regulated and unregulated businesses, and that in any case are challenged by the complex mission to ensure supply and access to energy. 
• Telecommunications Services, made up of wired and wireless telecommunications companies, as well as companies that provide cable and satellite services.
Table of contents Sustainability Accounting Standard Board (SASB)

www.ree.es/en
381
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
Continued on the next page >>
a- Describe the Board's governance and 
supervision of climate-related risks 
and opportunities
b- Describe management’s role  
in assessing and managing  
climate-related risks and 
opportunities.
Risks:
• The management of climate-related risks is integrated into the Company's risk management. The organisational  
structure regarding risk management and control is included on pg. 103. 
• Particular issues regarding the governance of climate-related risks are specified on pg. 118.
Opportunities: 
• The Board’s management role is described on pg. 99.
• The governance scheme is similar to that of corporate risks (pg. 103), with the particularity that the Corporate  
Sustainability Management Area carries out the support functions to the organizational units in the identification,  
assessment, management, monitoring and information on opportunities.
GOVERNANCE
a- Describe the climate-related risks and 
opportunities the organization has 
identified over the short, medium, and 
long term.
b- Describe the impact of climate-
related risks and opportunities on the 
organization’s businesses, strategy, and 
financial planning.
b- Describe the resilience of the 
organization’s strategy, taking into 
consideration different climate-related 
scenarios, including a 2°C or lower global 
warming scenario.
Risks:
• 	Climate-related risks are identified over the short, medium and long term. The description of the risks and their impact, 
including their financial impact, is included on pages 117-118.
• 	The climate-related risks identified over the short term are also included in the corporate risk map  
(specifically on pages 110-111).
Opportunities:
• Description of climate-related opportunities and their impact is described on pg. 100.
The organization’s resilience (adaptation capacity) is considered in the climate risk assessment process, which  
is carried out taking into consideration different climate-related scenarios, including a 2°C or lower global warming 
scenario - pg.  116. 
The application of risk mitigation measures (described on pages 117-118) increase the organization's resilience  
to climate risks. This is reflected in the result of the monetisation of the relevant risks - pg. 118. 
STRATEGY

www.ree.es/en
382
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
a- Disclose the metrics used by the organisation to assess 
climate-related risks and opportunities in line with its 
strategy and risk management process. 
 
b- Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 
greenhouse gas (GHG) emissions and the related risks.
c- Describe the targets used by the organisation to manage 
climate-related risks and opportunities and performance 
against targets.
.
Numerous metrics are used in the assessment process of climate-related risks and opportunities, some of them 
specific to each of the assessed risks/opportunities. Some of the most relevant are those related to the quality  
of supply (pg. 162), the development of the transmission grid (pg. 156, 160), the integration of renewables  
(pg. 164-167) and the development of energy storage systems (pp. 168-170).
The GHG emissions inventory (Scopes 1, 2 and 3) is detailed on pg. 195-196. No specific relevant risks associated 
with the emissions have been identified.
Due to the characteristics of the Red Eléctrica Group, the climate-related risks and opportunities are completely 
linked to the Company's activities. For this reason, the description of objectives to manage climate-related risks 
and opportunities, as well as how it is carried out, is developed throughout the report:
Strategic plan (pg. 42-45); Climate Change Action Plan (pg. 151-152); Sustainable development of the  
grid (pg. 153-160); Maintenance of facilities (pg.161); Integration of renewables (pg. 163-167);  
Energy storage (pg. 168-172); Flexibility of the system and smart grids (pg. 174-177); Reduction of  
the carbon footprint (pg. 178-191); Green financing (pg. 218-219) and Fire prevention (pg. 277-345).
METRICS AND TARGETS
Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
a- Describe processes for identifying and  
assessing climate-related risks. 
b- Describe processes for managing  
climate-related risks. 
b- Describe how processes for identifying,  
assessing, and managing climate-related risks  
are integrated into overall risk management.
• The process for identifying and assessing climate-related risks is summarized on pg. 116. 
• The management of climate-related risks is integrated into the Company's risk management (pg. 102-109).
• The particularities of the management of climate-related risks are specified on pg. 118. 
RISK MANAGEMENT

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383
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Table of contents regarding the reporting requirements of  
the Climate Disclosure Standards Board (CDSB) framework
PAGE
REQUIREMENTS
 
DESCRIPTION
REQ-01
REQ-02 
REQ-03 
REQ-04 
REQ-05 
REQ-06 
REQ-07 
 
 
REQ-08 
REQ-09
REQ-10
REQ-11
REQ-12
81, 260
178 and following pages,  
259 and following pages
99, 110 and following pages, 
116 and following pages
178 and following pages,  
259and following pages
178 and following pages,  
259 and following pages
99, 110 and following  
pages
14 
 
 
13, 180 
14
14
14
14
Governance. Disclosures shall describe the governance of environmental policies, strategy and information. 
Management’s environmental policies, strategy and targets. Disclosures shall report management’s environmental policies, strategy 
and targets, including the indicators, plans and timelines used to assess performance. 
Risks and opportunities. Disclosures shall explain the material current and anticipated environmental risks and opportunities 
affecting the organisation. 
Sources of environmental impacts. Quantitative and qualitative results, together with the methodologies used to prepare them,  
shall be reported to reflect material sources of environmental impact. 
Performance and comparative analysis. Disclosures shall include an analysis of the information disclosed in REQ-04 (‘Sources  
of environmental impact’) compared with any performance targets set and with results reported in a previous periods.
Outlook Management. Disclosures shall summarise their conclusions about the effect of environmental impacts, risks and 
opportunities on the organisation’s future performance and position.
Organisational boundary. Environmental information shall be prepared for the entities within the boundary of the organisation  
or group for which the mainstream report is prepared and, where appropriate, shall distinguish information reported for entities  
and activities outside that boundary. The basis on which the organisational reporting boundary has been determined shall be 
described.
Reporting policies. Disclosures shall cite the reporting provisions used for preparing environmental information and shall  
confirm that they have been used consistently from one reporting period to the next.
Reporting period. Disclosures shall be provided on an annual basis.
Restatements. Disclosures shall report and explain any prior year restatements.
Conformance. Disclosures shall include a statement of conformance with the CDSB Framework.
Assurance. If assurance has been provided over whether reported environmental information is in conformance with the principles  
and requirements of the CDSB Framework, this shall be included or cross-referenced in the statement of conformance (REQ-11).

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SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
External 
Assurance 
Report
/ 102-56
Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3ª del Libro de Sociedades, folio 68,
hoja nº 87.690-1, inscripción 1ª. C.I.F. B-78970506.
A member firm of Ernst & Young Global Limited.
Ernst & Young, S.L.
Torre Azca
Calle de Raimundo Fernández Villaverde, 65
28003 Madrid
España
 Tel: 915 727 200
Fax: 915 727 238
ey.com
INDEPENDENT REVIEW REPORT OF THE SUSTAINABILITY INDICATORS OF CORPORATE RESPONSIBILITY OF RED
ELÉCTRICA GROUP
To the Management of Red Eléctrica Corporación, S.A.
Scope
As commissioned by the Management of Red Eléctrica
Corporación, S.A. and subsidiaries (hereinafter, the Group), we
have carried out the review of the sustainability indicators in the
Annex to the Sustainability Report 2020 of the Group "Index of
Contents Global Reporting Initiative (GRI)". This information has
been prepared in accordance with GRI Sustainability Reporting
Standards (GRI Standards) and the "Electric Utilities Sector
Supplement", G4 version, as detailed in the section "A
benchmark and cutting-edge report" of the chapter "About this
report".
The scope considered by the Group for the preparation of the
Report is defined in the section "Red Eléctrica Group".
The preparation of the attached report, as well as its content, is
the responsibility of the Management of the Group, which is also
responsible for defining, adapting and maintaining the
management and internal control systems from which the
information is obtained. Our responsibility is to issue an
independent report based on the procedures applied in our
review.
Criteria
Our review was carried out based on:

The guidelines for reviewing Corporate Responsibility
Reports, issued by the Spanish Official Register of Auditors
of Accounts (ICJCE).

Standard ISAE 3000, Assurance Engagements Other than
Audits or Reviews of Historical Financial Information, issued
by the International Auditing and Assurance Standard Board
(IAASB) of the International Federation of Accountants
(IFAC), with a limited assurance scope.
Applied procedures
Our review consisted in requesting information from the
Sustainability Department and the various business units
participating in the preparation of the Report, applying processes
and analytical procedures, and sampling review tests as
described in the general terms below:

Interviews with the staff in charge of the preparation of the
sustainability information in order to gain a deep
understanding of how the objectives and sustainability
policies are considered, set into practice and integrated
within the Group global strategy.

Reviewing the processes for the compilation and validation
of the sustainability indicators of corporate responsibility.

Checking the processes held by the Group in order to define
the material aspects and stakeholder participation.

Reviewing the adaptation of the structure and content of
the sustainability information as indicated in the GRI
Sustainability Reporting Standards of the Global Reporting
Initiative and the “Electric Utilities Sector Supplement”, G4
version, in accordance with the comprehensive option.

Checks on selected samples of the quantitative and
qualitative information of the indicators included in "Index
of Contents Global Reporting Initiative (GRI)" in the Annex,
as well as their adequate compilation from data supplied by
information sources. The review tests have been defined to
provide the aforementioned assurance levels.

Checking that the financial information included in the
Report has been audited by independent third parties.
These procedures have been applied on the sustainability
indicators in the Annex to the Sustainability Report 2020 of the
Group "Index of Contents Global Reporting Initiative (GRI)", with
the aforementioned scope.
The scope of our review is lower than a reasonable assurance
report. Therefore, the degree of assurance is also less extensive.
This report in no case should be considered as an audit report.
Independence and quality control
We have complied with the requirements of independence and
the other ethical requirements of the Code of Ethics for
Professional Accountants issued by the International Ethics
Standards Board for Accountants (IESBA, for its acronym in
English).
Our firm applies the International Standard on Quality Control 1
(ISQC 1) and maintains, as a result, a global quality control
system that includes documented policies and procedures
related to compliance with ethical requirements, professional
standards and legal and regulatory provisions.
Our work has been performed by a team of sustainability experts
with a wide experience in reviewing this type of information.
Conclusions
As a result of our limited review, we conclude that no matter
came to our attention that would indicate that the indicators of
corporate responsibility in the Annex to the Sustainability
Report 2020 of the Group "Table of GRI Indicators" has not been
prepared, in all its significant aspects, according to the GRI
Standards sustainability reporting guideline  and the "Electric
Utilities Sector Supplement", G4 version, , which includes the
data reliability, the adequacy of the information presented and
the absence of significant deviations and omissions.
This report has been prepared solely for the management of Red
Eléctrica Corporación, S.A. and subsidiaries, in accordance with
the terms set out in our engagement letter.
ERNST & YOUNG, S.L.
(Free translation from the Original Report on Independent
Review in Spanish dated 7 April 2021. In case of any
discrepancy, the Spanish version always prevails.)

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385
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SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
A member firm of Ernst & Young Global Limited

Verification, through random sampling tests, internal
control rests and the development of substantive
rests of the information (activity data, calculations
and information generated) used to determine the
Group 2020 GHG Inventory with the internal
procedure. We have also verified the correct
compilation of information based on the data
provided.
Limited assurance conclusion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the Group 2020
GHG Inventory for the financial year ended in 31st
December 2020 contains any material misstatement or is
not prepared, in all material respects, in accordance with
the “Methodology for de Calculation of the Greenhouse
Gas Emissions (GHG) Inventory of Red Eléctrica Group”.
Use and distribution
Our report is only issued to Red Eléctrica Corporación S.A.
and the subsidiaries in accordance with the terms and
conditions of our engagement letter. We do not assume
any liability to third parties other than Red Eléctrica
Corporación, S.A. Management.
ERNST & YOUNG, S.L.
(Free translation from the Original Report on Independent
Review in Spanish dated 7th April 2021. In case of any
discrepancy, the Spanish version always prevails.)
Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3ª del Libro de Sociedades, folio 68,
hoja nº 87.690-1, inscripción 1ª. C.I.F. B-78970506.
A member firm of Ernst & Young Global Limited.
Ernst & Young, S.L.
Torre Azca
Calle de Raimundo Fernández Villaverde, 65
28003 Madrid
España
Tel: 915 727 200
Fax: 915 727 238
ey.com
REPORT ON INDEPENDENT LIMITED ASSURANCE OF GREENHOUSE GAS EMISSIONS INVENTORY 2020 OF
RED ELÉCTRICA GROUP
To the Management of Red Eléctrica Corporación, S.A.
Scope
We have undertaken a limited assurance engagement on
the Green Gas Emissions Inventory (hereinafter referred to
as the GHG Inventory) of Red Eléctrica Group, which
includes the GHG emissions associated to the main
company, Red Eléctrica Corporación, and the subsidiaries:
Red Eléctrica de España, S.A.U. (REE); Red Eléctrica
Internacional (REI1), Red Eléctrica Infraestructuras en
Canarias, S.A.U. (REINCAN2); Red Eléctrica Sistemas de
Telecomunicaciones, S.A.U. (REINTEL); Red Eléctrica
Internacional, S.A.U.(REI) y Red Eléctrica y de
Telecomunicaciones, Innovación y Tecnología, S.A.
(RETIT), Red Eléctrica Andina (REA), Red Eléctrica de Chile
(RECH), HISPASAT, (hereinafter referred to as the Group)
for the financial year ended in 31st December 2020,
included in the Appendix of this Report.
This assignment has been made by a multidisciplinary team
that includes specialists in sustainability, climate change
and assurance.
Management's responsibility
Group’s management is responsible for preparation and
update of the 2020 GHG Inventory in accordance with
their internal procedure, “Methodology for de Calculation
of the Greenhouse Gas Emissions (GHG) Inventory of Red
Eléctrica Group” available on the following website link
https://www.ree.es/en/sustainability/decarbonisation-of-
the-economy/carbon-footprint. This responsibility includes
the design, implementation and maintenance of internal
control relevant to ensure that the GHG Inventory is free
from material misstatement, whether due to fraud or
error.
The quantification of GHG emissions is subject to more
inherent uncertainty than financial information, because of
incomplete scientific, according to its nature and methods
used to determine, calculate or estimate emissions.
Likewise, it is also responsible for defining, implementing,
adapting and maintaining the necessary internal
management and control systems so that the preparation
and presentation of the information is free of material
impropriety due to fraud or error.
Our independence and quality control
We have complied with the requirements of independence
and the other ethical requirements of the Code of Ethics
for Professional Accountants issued by the International
Ethics Standards Board for Accountants (IESBA, for its
acronym in English).
Our firm applies the International Standard on Quality
Control 1 (ISQC 1) and maintains, as a result, a global
quality control system that includes documented policies
and procedures related to compliance with ethical
requirements, professional standards and legal and
regulatory provisions.
Our responsibility
Our responsibility is to express a limited assurance
conclusion on the 2020 GHG Inventory of the Group based
on the procedures we have performed and de evidence we
have obtained. We conducted our limited assurance
engagement in accordance with the International Standard
on Assurance Engagements 3410 (ISAE 3410),
“Assurance Engagement on Greenhouse Gas Statements”
issued by the International Auditing and Assurance
Standards Board (IAASB) of the International Federation of
Accountants (IFAC). This standard requires that we plan
and perform this engagement to obtain a limited assurance
that 2020 GHG Inventory of the group is free from
material misstatement.
A limited assurance engagement undertaken in accordance
with ISAE 3410 involves assessing the suitability in the
circumstances of the Group use of applicable criteria as
the basis for the preparation of the GHG statement,
assessing the risk of material misstatement whether due to
fraud or error, responding to the assessed risk as
necessary in the circumstances, and evaluating the overall
presentation of the GHG statement.
A limited assurance engagement is less in scope than a
reasonable assurance engagement. Therefore, the degree
of assurance is also less extensive. This report in no case
should be considered as an audit report.
The procedures we performed were based on our
professional judgment and included inquiries, observation
of processes performed, inspection of documents,
analytical procedures, evaluating the appropriateness of
quantification methods and reporting policies, and
agreeing or reconciling with underlying records.
Given the circumstances of the engagement, in performing
the procedures listed above we:

Through inquiries and meetings with personnel of the
Group various departments who have been involved
in the preparation of the GHG Inventory, obtained an
understanding of the Group control environment and
information systems relevant to emissions
quantification and reporting, but did not evaluate the
design of particular control activities, obtain evidence
about their implementation or test their operating
effectiveness.

Evaluated whether the Group methods for developing
estimates are appropriate and had been consistently
applied. However, our procedures did not include
testing the data on which the estimates are based or
separately developing our own estimates against
which to evaluate the Group estimates.
Report on 
Independent 
Limited 
Assurance of 
Greenhouse 
Gas Emissions 
Inventory

www.ree.es/en
386
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
v1_2021
Página 2 de 2
The subsidiaries Red Eléctrica Andina (REA), Red Eléctrica de Chile (RECH) (including
concessionaires societies) and HISPASAT have been included in 2020.
Transmisora Eléctrica del Norte S.A (TEN), Argo Energía Empreendimentos e participaçòes S.A.
(ARGO) e Hisdesat Servicios estratégicos, S.A are investees societies and considered as
investments. Therefore, the emissions corresponding to these companies are included in scope
3.
Operational scope
The following scopes are considered:
Scope 1: Direct GHG emissions
Emissions resulting from the Company's controlled or owned sources:
Fugitive Emissions: SF6 gas leaks in electricity substations and refrigerant gases leaks from air
conditioning systems.
Mobile Combustion: emissions derived from fuel consumption of the fleet.
Stationary combustion: derived from the combustion of fuels used in diesel generating sets
and heating.
Scope 2: GHG indirect emissions from electricity consumption
Electricity consumption
Electricity losses in the transmission grid.
Scope 3: Other indirect GHG emissions
Supply chain: Purchase of goods and services.
Capital goods.
Life cycle of fuel and energy consumed: emissions due to energy production (not included in
scope 1 and 2).
Upstream transportation and distribution.
Waste management.
Business travel by plane, train and car (taxi, private and rented vehicles).
Employees commuting to the work place.
Leased assets (upstream & downstream).
Investments.
v1_2021
Página 1 de 2
ANEXO
GREENHOUSE GAS (GHG) 2020 INVENTORY OF RED ELÉCTRICA
GROUP
GHG Inventory 2019
tCO2eq
Scope 1
25 557.29
SF6
22 214.15
Air conditioning
1 185.52
Fleet vehicles
1 528.74
Diesel generating sets
484.57
Heating
144.31
Scope 2
600 823.97
Electricity consumption
649.37
Transmission grid losses
600 174.60
Scope 3
380 326.13
Purchase of goods and services
202 819.33
Capital goods
162 834.03
Energy production (not included in scope 1 and 2)
709.14
Waste
217.27
Transportation and distribution
1 178.40
Business travel
648.68
Commuting
1 113.68
Leased assets
183.75
Investments
10 621.85
Organizational boundaries
The emission calculation is performed under operational control criteria. The inventory applies
to the activities that take place in Red Eléctrica Corporación, S.A. and the subsidiaries: Red
Eléctrica de España, S.A.U. (REE); Red Eléctrica Internacional (REI1), Red Eléctrica
Infraestructuras 
en 
Canarias, 
S.A.U. 
(REINCAN2); 
Red 
Eléctrica 
Sistemas 
de
Telecomunicaciones, S.A.U. (REINTEL); Red Eléctrica Internacional, S.A.U.(REI) y Red Eléctrica
y de Telecomunicaciones, Innovación y Tecnología, S.A. (RETIT).
1 Staff in Spain
2 For the moment, only management activities (the work centres where the staff and general services are located,
are common to the subsidiaries in Spain).
Report on 
Independent 
Limited 
Assurance of 
Greenhouse 
Gas Emissions 
Inventory

www.ree.es/en
387
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
Continued on the next page >>
2
Procedures performed:
In a limited assurance engagement, the procedures carried out vary in their nature and
timing, and are less in extent than those carried out for a reasonable assurance
engagement. Consequently, the level of assurance obtained in a limited assurance
engagement is also substantially lower.
Our work consisted in making inquiries of management, reviewing the processes for compiling
and validating the information presented the Green Finance Report, and applying certain
analytical procedures and sample review tests as described in general terms below. These
procedures included:

Meetings with personnel of the various Red Eléctrica units involved in preparing the
Green Bonds Report.

Analyzing the procedures used to collect and validate data and information presented
in the Green Bonds Report.

Analyzing the methodology applied to assess the project portfolio included in the
Green Bonds Report.

Checking that Red Eléctrica’s investments in the project portfolio have been made in
accordance with the criteria of the "Green Finance Framework of Red Eléctrica de
España."

Verifying, through review tests based on a selected sample as well as analytical and
substantive tests, the quantitative and qualitative information included in the Green
Bonds Report.

Obtaining a representation letter from the directors and management.
Independence and quality control
We have complied with the independence and other Code of Ethics requirements for
accounting professionals issued by the International Ethics Standards Board for
Accountants (IESBA), which are based on the fundamental principles of integrity,
objectivity, professional competence and due care, confidentiality, and professional
behavior.
Our firm applies International Standard on Quality Control 1 (ISQC 1), and consequently
maintains a global quality control system which includes documented policies and
procedures relating to compliance with ethical requirements, professional standards, and
the legal and applicable regulatory provisions.
INDEPENDENT LIMITED ASSURANCE REPORT ON THE GREEN BONDS REPORT
To the Board of Directors of RED ELÉCTRICA CORPORACIÓN, S.A.
Scope of our work
We have carried out a limited assurance engagement on the Green Bonds Report of Red
Eléctrica de España, S.A. ("Red Eléctrica") for the year ended December 31, 2020,
prepared in accordance with the "Green Finance Framework" published by the group and
available on its website (https://www.ree.es/es/accionistas-e-inversores/bonos/marco-
verde).
Specifically, we have reviewed the following related to the Green Bonds Report:

Compliance with the eligibility criteria established in the "Green Finance Framework of
Red Eléctrica de España" of the projects portfolio included in the “Allocation Report”
section of the Green Bonds Report.

The key environmental performance indicators included in the “Impact Report”
section of the Green Bonds Report.

The traceability of funds allocated to the refinancing of projects included in the
“Allocation Report” section of the Green Bonds Report.
The directors of Red Eléctrica are responsible for preparing the content included in the
Green Bonds Report in accordance with the criteria established in the "Green Finance
Framework of Red Eléctrica de España."
This responsibility likewise includes the design, implementation, and maintenance of the
internal control considered necessary to ensure that the information included in the Green
Bonds Report is free of material misstatement, due to fraud or error. In addition, the
directors of RED ELÉCTRICA CORPORACIÓN, S.A. are also responsible for defining,
implementing, adapting, and maintaining the management systems from which the
necessary information is obtained for preparing the Green Bonds Report.
Criteria
Our responsibility is to express our conclusions on the Independent Assurance Report with
limited assurance based on the work performed. We conducted our engagement in
accordance with the requirements established in the International Standard on Assurance
Engagements (ISAE) 3000 (revised), “Assurance Engagements Other than Audits and
Review of Historical Financial Information” issued by the International Auditing and
Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).
Independent 
Limited 
Assurance 
Report on 
the Green 
Bonds Report

www.ree.es/en
388
SUSTAINABILITY 
REPORT 
2020
-
VALUE CREATION  
OF THE RED 
ELÉCTRICA GROUP 
BUSINESS MODEL 
-
LETTER FROM  
THE CHAIRWOMAN 
AND FROM  
THE CEO
-
OUR RESPONSE  
TO THE  
COVID-19
-
A BENCHMARK 
REPORT AT THE  
FOREFRONT 
OF REPORTING 
STANDARDS
1
RED ELÉCTRICA
GROUP
2
STRATEGY
3
CORPORATE  
GOVERNANCE
4 
COMMITMENT TO  
SUSTAINABILITY
5 
ANTICIPATING  
CHANGE AND  
TAKING ACTION
6
DECARBONISATION  
OF THE ECONOMY
7
RESPONSIBLE  
VALUE CHAIN
8
CONTRIBUTION  
TO SOCIAL,  
ECONOMIC, AND 
ENVIRONMENTAL 
DEVELOPMENT
-
ANNEXES
3
Conclusions
Based on the procedures performed and the evidence obtained, nothing has come to our
attention that causes us to believe that the information included in the "Allocation report "
and "Impact report " sections of Red Eléctrica for the year ended December 31, 2020
relating to the matters included in the scope of our work contains material misstatements
or has not been prepared, in all material respects, in accordance with the criteria
established by Red Eléctrica in accordance with the "Green Finance Framework of Red
Eléctrica de España”.
Use and distribution
This report has been prepared solely for the directors of Red Eléctrica, in accordance with
the terms set out in our engagement letter. We will not assume any liability to parties other
than the addressees of this report.
ERNST & YOUNG
(Free translation from the Original Report on
Independent Review in Spanish dated 7 April
2021. In case of any discrepancy, the Spanish
version always prevails.)
Independent 
Limited 
Assurance 
Report on 
the Green 
Bonds Report

Published by
RED ELÉCTRICA 
Paseo del Conde de los Gaitanes, 177 
28109 Alcobendas (Madrid) - Spain
www.ree.es/en
Graphic design and layout
dis_ñ 
estudio@dis-n.es
English translation by
Wayman English International S.A. 
www.waymanenglish.com
This English version is a translation 
of the original and authentic Spanish 
text found in the 'INFORME DE 
SOSTENIBILIDAD 2020', originally issued 
in Spanish. In the event of discrepancy, 
the original Spanish language version 
shall prevail.