Record investment pushes Iberdrola’s net profits up 20.4% to €2.5bn

The Spanish energy giant saw investments rise by 30% to €4.72 billion (£4.07bn), 90% of which were in Renewables and Networks

Pathway to COP26 report

Record investment has pushed Iberdrola’s net profits up by 20.4% to €2.5 billion (£2.16bn) in the first nine months of 2019.

The Spanish energy giant saw investments rise by 30% to €4.72 billion (£4.07bn), 90% of which were in Renewables and Networks.

Chairman Ignacio Galán said: “These achievements provide us additional room for new investments, creating a virtuous circle of growth and financial strength.”

The company expects to end 2019 with 5,218 new megawatts installed, up 11% on the previous year.

In its new report, it notes strong business performance, with gross operating profit rising by 11.6% to €7.5 billion (£6.47bn), driven largely by the good performance of Networks and Generation and Supply.

This helped to offset a 4.5% fall in the earnings of the firm’s Renewables division from the first nine months of last year, which dropped to €1.67 billion (£1.44bn) – this reduction in earnings was largely due to lower hydroelectric production in Spain.

Conversely, the contribution of the UK soared, driven by the East Anglia One offshore wind farm entering commercial operation.

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