Avangrid, Inc. (formerly Energy East and Iberdrola USA ), is an energy services and delivery company. Avangrid serves about 3.1 million customers throughout New England , Pennsylvania and New York in the United States .
107-713: In 2008 Iberdrola S.A. purchased Energy East. Iberdrola renamed the company Iberdrola USA. In November 2010, Iberdrola USA sold its gas distribution companies in Connecticut and Massachusetts , the Southern Connecticut Gas Company, Connecticut Natural Gas Corporation, and the Berkshire Gas Company, to UIL Holdings Corporation . In 2012, Iberdrola USA sold its energy services companies, Energetix and NYSEG Solutions, to Direct Energy . In February 2015, Iberdrola USA announced that it had entered into
214-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
321-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
428-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
535-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
642-598: A majority stake of 88% in British electricity distribution network operator Electricity North West for €2.5 billion, valuing the company at €5bn including debt. Its biggest deal in almost 10 years, in line with its strategic plan to focus on electricity grids. It has also inaugurated its fourth offshore wind farm in the world, and the first in France, Saint Brieuc . In 2023, the company has 41,250 MW of operational renewables and 7,100 MW under construction. The Renewables area of
749-556: A memorandum of understanding with Mexico Infrastructure Partners to sell 8539 MW of capacity from its gas-fired plants, and its 103 MW wind asset La Venta III as part of the $ 6 billion deal. The company remained the primary private producer of renewable energy in Mexico, and this initiative is in line with its carbon reduction goals. The company entered into a strategic partnership with the Abu Dhabi-based company Masdar to jointly develop
856-492: A merger agreement with UIL Holdings Corporation under which UIL Holdings Corporation would merge into a subsidiary of Iberdrola USA, Inc. In December 2015, the acquisition was finalized and the company announced a new name, AVANGRID. Avangrid won an auction for an offshore wind area near North Carolina by bidding $ 9 million in March 2017. Avangrid supports the adoption of electric vehicles . In 2017, Avangrid donated $ 2 million to
963-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
1070-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
1177-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
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#17328527535581284-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
1391-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
1498-538: A year earlier. The European Investment Bank and Iberdrola have signed a €1 billion financing arrangement in 2023 to develop 19 solar power plants and three onshore wind farms in Spain , Portugal , and Germany . 70% of the plants will be built in rural areas impacted by the transition to net-zero and cohesion zones. The projects will generate enough green energy to power over 1 million households on average each year. In 2024, Iberdrola reaches an agreement to purchase
1605-549: Is a Spanish multinational electric utility company based in Bilbao , Spain. It has around 40,000 employees and serves around 30 million customers. Subsidiaries include ScottishPower ( United Kingdom ) and a significant part of Avangrid ( United States ), amongst others. As of 2023, the largest shareholder of the company is the Qatar Investment Authority, with BlackRock and Norges Bank (managers of
1712-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
1819-475: Is able to reach up to 3,000 tons of green hydrogen per year and avoid the emission of 78,000 tons of CO2 per year. In 2022, Iberdrola inaugurated the Tâmega hydroelectric complex (Tâmega River – northern Portugal) with an investment of 1.5 billion euros. It involves the construction of three dams and three power plants (Gouvaes, Daivoes and Alto Tamega) with a combined capacity of 1,158 megawatts (MW), increasing 6% of
1926-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
2033-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
2140-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
2247-823: The United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
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#17328527535582354-525: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
2461-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
2568-404: The 1940s, Spain experienced extreme difficulty in acquiring technology and materials due to international isolation and soaring prices. The company benefited from the legal and social framework of the francoist dictatorship for its growth in economic and social relevance. Notably, the president between 1935 and 1985 of one of the former mergers, Hidroeléctrica Española, José María de Oriol y Urquijo,
2675-549: The 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea in summer 2023. In July 2023, Iberdrola agreed on a deal with Vodafone to provide renewable energy across three countries – Spain, Portugal and Germany with 410GWh of solar energy from newly constructed solar plants. As of the summer of 2023, 7,100 MW of new renewables capacity is under construction globally for a total investment of €12 billion, of which 3,000 MW relates to offshore wind. According to
2782-567: The 850 MW La Muela II pumped-storage hydroelectric power plant began operating, which, together with La Muela I, is the largest complex of its kind in Europe with almost 1,500 MW. The same year Iberdrola's first offshore wind farm in the Irish Sea (United Kingdom), West of Duddon Sands with 389 MW of power was launched, as well as Maine high voltage transmission line connecting the United States and Canada
2889-594: The Brazilian energy market. Additionally, Iberdrola expanded its global reach by acquiring Acacias Renewables, a company operating in the renewable energy sector in Japan. In 2021, Iberdrola acquired offshore wind projects in Taiwan. In 2023, the company sold its non-renewable assets in Mexico to Mexico Infrastructure Partners (MIP), aligning with its strategic focus on renewable energy. In August 2024, Iberdrola agreed to acquire
2996-662: The Brazilian market with the acquisition of Elektro. In 2015, the company made another significant move in the U.S. by acquiring United Illuminating (UIL), a publicly traded company, for 2,647 million euros. That same year, following the integration of Iberdrola USA and UIL Holdings Corporation, Avangrid was established and began trading on the New York Stock Exchange. In 2020 multiple acquisitions by Iberdrola were made. The company acquired Infigen Energy in Australia and subsequently renamed it Iberdrola Australia. In France,
3103-745: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
3210-611: The Connecticut Hydrogen and Electric Automobile Purchase Rebate program. The program was launched in 2015 and gives money in the form of rebates to consumers who purchase zero-emissions vehicles , which includes electric vehicles. The company also installed electric vehicle charging stations at several of its facilities. In 2018, Avangrid held an "electric vehicle fair" for its employees, with the goal of enabling these employees, if they so chose, to purchase electric vehicles. In 2021, Avangrid's subsidiary, Central Maine Power Company,
3317-855: The Consejo Superior de Deportes (The National Sports Council) in the Universo Mujer program in 2016. The same year it launched Calangos complex in Brazil, the largest wind power facility in South America. In 2019, it launched the call for its 2020 Social Program to support vulnerable groups, with a budget of more than one million euros. The company also inaugurated the Baixo Iguaçu hydroelectric plant, supplying clean energy to one million Brazilians. East Anglia ONE offshore wind farm started generating clean electrical energy. Iberdrola launched i-DE,
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3424-464: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
3531-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
3638-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
3745-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
3852-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
3959-490: The Iberdrola group is responsible for the generation and sale of electrical energy from renewable sources: wind (onshore and offshore), solar, hydroelectric, green hydrogen, etc. At the end of 2022, Iberdrola Group had 60,761 MW of total installed capacity, of which 40,066 MW is renewable. In 2023, the company reached a capacity of 62,045 MW and 41,246 MW respectively, increasing the renewables by 6.5% worldwide. One of
4066-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
4173-632: The Norwegian Government Pension Fund Global ) also holding significant interests. Iberdrola is the largest producer of wind power , and the world's second largest electricity utility by market capitalisation. As of 2023, the company operates a capacity of 62,045 MW, of which 41,246 MW are from renewable sources worldwide. Iberdrola was created on November 1, 1992, from the merger between Hidroeléctrica Española and Iberduero . Hidroeléctrica Española, also known as Hidrola, had started in 1907, while Iberduero arose from
4280-526: The Taiwanese market by acquiring offshore wind projects. By 2023, the company diversified its portfolio by selling assets from non-renewable sources in Mexico to Mexico Infrastructure Partners (MIP). Since 2001, the company has been committed to renewable energies and since 2006 it has continued its international expansion, increasing its presence in the United Kingdom, the United States and Brazil. In 2014,
4387-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
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4494-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
4601-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
4708-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
4815-597: The United States, the purchase operation of PNM Resources, the electricity company of New Mexico and Texas, was pending permission from the Regulatory Commission. Also in 2020 (and 2021), the company was listed among the 10 best companies in the world in terms of integration of women, according to the World's Top Female Friendly Companies 2021 study, as well as in the Dow Jones Sustainability Index (being
4922-632: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
5029-490: The accompanying Great Depression brought many of these companies to the verge of ruin. In Spain, which had experienced a period of economic growth at the start of the 20th century, the industry suffered a severe setback in 1936 whose impact would be felt for the following two decades: the Spanish Civil War abruptly halted development, destroyed facilities and made maintaining the remaining equipment extremely difficult. In
5136-679: The arrival of Jose Ignacio Sanchez Galan in 2001 Iberdrola began focusing on renewable energy . In 2007, the company continued its international expansion, increasing its presence in the UK and the US via the integration of ScottishPower and Energy East. As a culmination of his commitment to renewable energy, Jose Ignacio Sanchez Galan has received the ESG Leadership Award from The Foreign Policy Association in New York, which recognizes leaders most committed to ESG principles. By 2011, Iberdrola had moved into
5243-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
5350-420: The beginning of 2022, Iberdrola commissioned a 730 km energy transmission line in Brazil, the largest power line across its operations globally. At the end of 2022, Iberdrola Group had 60,761 MW of total installed capacity, of which 40,066 MW is renewable. In 2023, the company reached a capacity of 62,045MW and 41,246 MW respectively, increasing the renewables by 6.5% worldwide. In February 2023,
5457-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
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#17328527535585564-458: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
5671-501: The commencement of trading on the New York Stock Exchange, strengthening Iberdrola's position in the United States. In 2020, Iberdrola acquired the Australian company Infigen Energy . Subsequently, the company was renamed Iberdrola Australia the following year. In 2020, Iberdrola expanded its renewable energy portfolio with the acquisition of Aalto Power, a French company specialising in renewable energy, and Ailes Marines. Aalto Power
5778-514: The company acquired Aalto Power, a renewable energy company with a focus on wind energy projects. In the U.S., Iberdrola made a move to purchase PNM Resources, an electricity provider for Texas and New Mexico, with the acquisition process subject to approval from the New Mexico Regulatory Commission. Additional 2020 acquisitions included CEB-D distributor in Brazil and Acacias Renewables in Japan. In 2021, Iberdrola ventured into
5885-486: The company expanded its operations into Brazil by acquiring the company Elektro, a strategic move to tap into the Brazilian market. In 2015, Iberdrola acquired the US company United Illuminating for a total of 3 billion euros. This acquisition bolstered Iberdrola's presence in the American market. Also in 2015, Iberdrola established Avangrid through the integration of Iberdrola USA and UIL Holdings Corporation. This move led to
5992-539: The company inaugurated the Puertollano green hydrogen plant (Puertollano – Ciudad Real), able to produce up to 3,000 tonnes of renewable hydrogen per year and supply clean hydrogen to the Fertiberia Group factory in town, allowing to reduce the consumption of natural gas. The total investment in the Puertollano plant is 150 million euros. It includes both green hydrogen facilities and a dedicated photovoltaic plant. It
6099-567: The company started developing a solar module factory in Langreo, Spain with an initial investment of €20 million. In March 2023 Iberdrola and BP signed a strategic alliance to accelerate the deployment of electric mobility and decarbonisation of transport. Specifically, their collaboration includes investing €1 billion to deploy a network of 11,700 fast and ultra-fast charging points for electric vehicles in Spain and Portugal. In April 2023, Iberdrola signed
6206-515: The company's investments of 8,158 million euros raised Iberdrola's net profit to 3,406 million euros in 2019. That year, the largest photovoltaic plant in Europe was commissioned—the Núñez de Balboa plant (500 MW) in Badajoz. Iberdrola located its global smart grid innovation center in Spain. In Australia, construction was started on Port Augusta, its first wind-solar hybrid plant in the world. In
6313-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by
6420-569: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
6527-496: The data published by the National Securities Market Commission (CNMV) in July 2023, the company has increased its renewables installed capacity by 6.5% worldwide in the last 12 months, reaching a total of 41,246 MW. As of 2023, the company has a workforce of 41,000 employees and assets of more than €160 billion. In 2023, Iberdrola's net profit for the first half rose to €2.52 billion from 2.08 billion euros
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#17328527535586634-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
6741-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
6848-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
6955-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
7062-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
7169-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
7276-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
7383-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
7490-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
7597-437: The following year. The company's major offshore wind energy projects include: Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in
7704-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
7811-870: The group's main vectors is offshore wind. It has facilities in UK, Germany, USA, France and develops offshore wind activities in Poland, Sweden, Ireland, the United States, Brazil, the Philippines and Japan, expanding its offshore wind portfolio to 30 GW. At the end of 2023, Iberdrola had 1,793 MW offshore in operation and 3000 MW under construction or secured with long-term contracts, which will come into operation before 2027 thanks to investments of nearly 30,000 million euros worldwide during this decade. The company currently has four offshore wind operating plants and four under construction: Baltic Eagle (Germany) and Vineyard Wind I (USA) will come on stream in 2025 and East Anglia 3 (UK) and Windanker (Germany)
7918-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
8025-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
8132-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
8239-517: The latter part of the 20th century, Iberdrola began expanding into Latin America, mainly Mexico and Brazil. With ScottishPower and Iberdrola formed in Europe, in 1998 Energy East Corporation came into being in the US following New York State Electric & Gas's acquisition of Central Maine Power, Southern Connecticut Gas Company, Connecticut Natural Gas Company, Berkshire Gas Company and RGS Energy Group (the parent of Rochester Gas & Electric). Following
8346-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
8453-537: The merger between Hidroeléctrica Ibérica and Saltos del Duero in 1944. The origin of Iberdrola lies in the Spanish industrialisation in the early 20th century. In 1840, American entrepreneurs founded the Hartford City Light Company, which lead to the incorporation of Energy East on the eastern seaboard of the US, which would much later become Iberdrola USA. Meanwhile, in Bilbao in 1901, Hidroeléctrica Ibérica
8560-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
8667-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
8774-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
8881-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
8988-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
9095-532: The new brand of its electricity distribution activity in Spain, which manages 270,000 km of digitalised power lines. That year Iberdrola entered the ranking of the 100 most sustainable companies in the world, according to the latest classification carried out by Corporate Knights. The European Commission classified Iberdrola as the most innovative Spanish utility and third of Europe. Iberdrola's direct tax contribution worldwide amounted to 8,156 million euros in 2019, 217 million more than in 2018. In 2020,
9202-670: The only European utility company to be named in 22 editions of the index). In 2021, Iberdrola announced, through its British subholding ScottishPower , the investment of an additional 6 billion pounds (7,090 million euros) in the construction of the East Anglia Hub offshore wind farm (North Sea – United Kingdom). This offshore wind macro complex is bringing together three projects with a total installed capacity of 2,900 MW: East Anglia ONE North, East Anglia TWO and East Anglia THREE. The works, involving an investment of 10 billion pounds, began in 2022 and planned to last four years. In 2022,
9309-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
9416-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
9523-406: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
9630-496: The remaining 18.4% of its US subsidiary, Avangrid and inauguration of the group's fourth offshore wind farm, Saint Brieuc, in France. In 2006, Iberdrola acquired ScottishPower , leading to the integration of this company in April 2007. This gave rise to Europe's third-largest utility. In 2008, Iberdrola continued its expansion with the acquisition of the US-based company Energy East, further solidifying its global presence. In 2011,
9737-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
9844-457: The total electrical power in the country. In 2022, investments of 10,730 million euros raised Iberdrola's net profit to 4,339 million euros, which represents an increase of 11.6% compared to the previous year. During the year, Iberdrola reached 40 GW of operational renewable energy and expects to add 7,675 MW in the next four years (of which, 3,500 MW will be offshore wind). In addition, it reached an emission of 59 grams CO2/kWh in Europe. At
9951-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
10058-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
10165-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
10272-592: Was a relevant Spanish nationalist who allegedly declared to have been part in the investigation and prosecution of more than 80.000 people in the Basque Country. In 1944 Hidroeléctrica Ibérica and Saltos del Duero merged to form Iberduero. In 1955, the South of Scotland Electricity Board (SSEB) came into being, paving the way for the creation of ScottishPower four decades later, in 1990. Two years after that, Hidroeléctrica Española and Iberduero merged to form Iberdrola. In
10379-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
10486-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
10593-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
10700-596: Was established by the engineer Juan de Urrutia. In 1907, Hidroeléctrica Ibérica shareholders created Hidroeléctrica Española to supply Madrid and Valencia . A decade later, Saltos del Duero was founded, opening the country's first hydroelectric facility in 1935, the Ricobayo power plant. World War I forced the industry to seek new sources of energy and to install large distribution networks. Amid huge instability, US power companies underwent consolidation to decrease their financial uncertainty. The stock market crash of 1929 and
10807-428: Was fined $ 360,000 for violating standards for industry testing. These standards are intended to maintain electrical stability and prevent electrical outages. In July 2024, Avangrid sold the company's Kitty Hawk North offshore wind lease to Virginia Electric and Power Company, a subsidiary of Dominion Energy , for $ 160 million. Iberdrola Iberdrola, S.A. ( Spanish pronunciation: [iβeɾˈðɾola] )
10914-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
11021-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
11128-605: Was installed. In 2015, the company committed to reduce CO2 emissions by 50% by 2030 and at the end of 2017 announced its intention to close all of its coal-fired power plants worldwide. Iberdrola announced an investment to a total of €47 billion, of which €17 billion in renewables to increase renewable capacity by 12,100 MW to 52,000 MW in 2025 (6,300 MW of photovoltaic, 3,100 MW of onshore wind, 1,800 MW of offshore, 700 MW of batteries and 200 MW of hydro). Iberdrola started sponsoring Women's Soccer League in Spain, which adopted its name (Primera Iberdrola), and collaborated with
11235-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
11342-490: Was involved in wind energy projects, both in operation and in development. Also in 2020, Iberdrola made an important move in the United States by purchasing PNM Resources, an electricity company serving Texas and New Mexico. This acquisition's completion is subject to approval from the New Mexico Regulatory Commission. That year, Iberdrola furthered its presence in Brazil by acquiring the CEB-D distributor, enhancing its footprint in
11449-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
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