Iberdrola sees profits soar with international business offsetting Spain’s results

Latest

Facebook
Twitter
LinkedIn
Reddit
Email
Iberdrola chairman Ignacio Galán (pictured) said the increased investment will further accelerate the green transition of the company. Image: Iberdrola.

Iberdrola has recorded a net profit of €2.07 billion (US$2.1 billion) in the first half of 2022 due to strong performances in its international business offsetting adverse results in Spain.

Earnings from its home market fell 26% in the first half of the year, triggered by the huge volatility power markets in Europe and has already been facing since 2021, with the Spanish utility deciding to maintain fixed prices for its Spanish customers.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Strong performances in the US, the UK – where it was awarded more than 2GW of renewable projects of which 326MW of solar PV in the latest renewable auction – and Brazil helped the company increase its profits by 35.5% year-on-year.

The strength of its international business led the company to record an EBITDA of €6.4 billion during H1 2022, an 18.4% increase from H1 2021.

The network business side of the company has also seen two large deals in the UK and Brazil during the first half of the year, with £6 billion (US$7.26 billion) of investment for UK’s new distribution and transmission networks.

Meanwhile, the company has increased its investments by 5% in the first half of the year to €4.74 billion, bringing the total in the past 12 months to €10.2 billion of which more than 90% have been focused on renewables and networks.

Almost half of the investment for the first six months of the year has gone to the US (€1.24 billion) and Spain (€1.1 billion), followed by the UK (€801 million) and Brazil (€387 million).

In the past twelve months the Spanish utility has installed 1.2GW of solar PV, which had the highest share of new installed capacity and has around 10.8GW of renewable projects under construction.

Ignacio Galán, Chairman of Iberdrola, said: “At Iberdrola, we continue to increase our investments to strengthen energy self-sufficiency and accelerate the green transition, reducing our dependence on fossil fuels.”

Iberdrola has renewed its guidance for 2022 with a net profit forecasted to reach between €4 billion and €4.2 billion.

21 May 2024
Understanding the PV module supply to the U.S. market in 2024 & 2025. The conference gathers together developers, independent power producers and module suppliers to the U.S. solar market as well as EPCs, banks, investors, technical advisory and testing & certification specialists.

Read Next

Subscribe to Newsletter

Most Read

Upcoming Events

PV Tech Premium - Enjoy 50% off in our Black Friday Sale

Enjoy 50% off in our Early Black Friday Sale

A world of insights awaits

Ends Friday, 1st Dec 2023