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Iberdrola, the Spanish electric utility's successful energy transition over the past two decades, is a veritable tour de force. Its roadmap to success can serve as a founding stone for global energy utilities currently undertaking the transition. Thus, a practitioner-oriented approach was undertaken to comprehend the factors behind the successful transition by investigating three decades of company history through publicly available records. Moreover, overall sectoral reforms and competitor analysis of Iberdrola's two closest competitors have also been highlighted. The managerial implications showcase the importance of strong leadership, strategic acquisitions and sales, investment in R&D, strong stakeholder relations, and political economy.

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