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.
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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.