Who is 'Rafael Miranda Robredo'

Rafael Miranda Robredo served as CEO of Endesa, one of Spain’s largest electric utilities. He led the company during Spain’s deregulation of the electricity sector.

BREAKING DOWN 'Rafael Miranda Robredo'

Rafael Miranda Robredo was born in Spain in 1949. He graduated from Comillas University with an industrial engineering degree and earned a master’s in management science from E.O.I. During his early career, he served in executive management at Tudor, an electrical battery manufacturer, and at the Spanish multinational food brand Campofrio. Robredo joined Endesa in 1987, serving as general manager and managing director until he became the company’s CEO in 1997.

Business strategy post-deregulation

Prior to the liberalization of the electricity market in 1998, the Spanish government imposed a strict regulatory regime and guaranteed profits for electricity providers. In 1998, Spain deregulated the industry and introduced plans to privatize Endesa. These changes would introduce market competition and remove the minimum profit guarantees the company had enjoyed previously.

In preparation for these moves, Robredo spearheaded a diversification strategy. The company purchased Retevisón, a major Spanish landline telephone operator, in 1997. Between 1997 and 1998, the company streamlined its costs, beginning a four-year, 36-percent reduction of the company’s labor force and combining its distribution units to gain cost synergies.

Under Robredo’s leadership, Endesa also expanded its reach into Latin America. Major moves included the purchase of a 26-percent share of Enersis, the largest Latin American utility company. The company also developed presences in Colombia, Brazil, Argentina and Peru.

Failed merger with Iberdrola

In 2000, Robredo attempted to merge Endesa with Spain’s other dominant electric utility, Iberdrola. The deal quickly became entangled in antitrust issues. The government issued its conditions for granting approval of the merger in 2001, which led Robredo to withdraw from the deal and focus Endesa’s strategy on continued cost cutting and value creation. Deregulation and liberalization of other European electricity markets in that period inspired a plan for asset sales to capitalize an expansion on the continent but the company encountered resistance from other European nations.

In the early 2000s, Endesa was selected for inclusion in the Dow Jones Sustainability World Index and reappeared on the European Dow Jones Sustainability Index. After Endesa fended off a hostile public tender offer from Gas Natural in 2005, E.ON of Germany and two Spanish concerns, Enel and Acciona, acquired shares in the firm. Following a series of tender offers, equity swaps and other maneuvering, Enel and Acciona made a successful tender offer for the company in 2007. Enel eventually acquired Acciona’s shares in 2008, becoming the company’s majority shareholder. Robredo retired as CEO of Endesa in 2009.

  1. Madrid Fixed Income Market .MF ...

    Madrid fixed income market .MF is the market that Spain’s central ...
  2. Electric Utilities Industry ETF

    A utilities industry ETF is an exchange-traded fund that invests ...
  3. Utilities Sector

    The utilities sector encompasses stocks from electric, gas, water ...
  4. Schedule TO-T

    Schedule TO-T must be filed with the SEC by any entity, other ...
  5. All-Holders Rule

    An SEC regulation that requires a tender offer to be made available ...
  6. Tender Panel

    A tender panel is a method of financing pursuant to the sale ...
Related Articles
  1. Investing

    (AES) Who Are AES Corporation's Main Competitors?

    Learn about AES Corporation and which companies are its main competitors in the utilities sector. Receive a brief summary of each company.
  2. Financial Advisor

    General Electric: Good News/Bad News

    General Electric is generous to its shareholders, but that's not the only factor to consider.
  3. Investing

    Facebook Messenger Can Now Understand Spanish

    Facebook's new 'M' AI assistant in Messenger can now make suggestions in both English and Spanish.
  4. Insights

    Trust In Utilities

    Even in times of economic turmoil, utilities can be a good investment.
  5. Investing

    Utility Funds: A Bright Choice In Bear And Bull Markets

    Gas, electric and water companies' non-cyclical nature can power strong gains in any portfolio.
  6. Insights

    Obama Administration Announces 48 New Electric Vehicle Routes With Charging Stations (TSLA, GM)

    Charging your electric vehicle during a long road trip is going to get a lot easier.
  7. Investing

    New ETF Focuses on Electric Vehicles

    The Global X Autonomous & Electric Vehicles ETF follows the Solactive Autonomous & Electric Index.
  8. Investing

    The Top 5 Small Cap Utility Stocks for 2016 (CPK, RGCO)

    Identify five small-cap utility stocks that should be a part of a balanced portfolio in 2016. Evaluate these stocks based on financial metrics and valuations.
  9. Managing Wealth

    Analyzing GE's Preferred Stock (GE)

    Learn why General Electric Company's new Series D Perpetual Preferred stock is an excellent choice for investors desiring a safe and steady income stream.
  10. Insights

    Electric Car Sales Get a Big Jolt

    Electric vehicles on the road worldwide have soared from near zero to 2 million in five years, and are targeted for a 30% market share by 2030.
  1. What is the best way to get exposure to electric cars when investing in the automotive ...

    Learn more about the electric vehicle industry and what investment opportunities are available among auto manufacturers and ... Read Answer >>
  2. How can electricity be traded as a commodity by an individual investor?

    Learn the characteristics unique to electricity trading as a commodity and how investors can trade electricity futures on ... Read Answer >>
  3. What is a utility stock?

    Investing in difficult economic conditions requires knowledge of different stock classes. Utility stocks are one vehicle ... Read Answer >>
  4. What's the difference between a merger and a hostile takeover?

    Understand the difference between a merger and a hostile takeover, including the different ways one company can acquire another, ... Read Answer >>
Trading Center