The Diplomat
Iberdrola has become the second largest electricity company in the world in terms of stock market value, exceeding 70,000 million euros, behind only the US company NextEra, according to Friday’s close of trading.
The electricity company chaired by Ignacio Galán has managed to climb the podium in a week in which the main Spanish companies have presented results.
The Basque company closed Friday with a market capitalisation of 70,201 million euros, surpassing the American company Duke Energy, with which it competes closely. NextEra, with 136 billion euros, is the world’s leading electricity company.
In Europe, Iberdrola already led the ranking of companies with the highest capitalisation, ahead of Italy’s Enel, Endesa’s parent company, and France’s state-controlled EdF, which ended Friday’s trading day with capitalisations of 53.212 billion euros and 46.108 billion euros, respectively.
The Spanish utility reported a net profit of 4.339 billion euros in 2022, up 11.6% year-on-year, in a year in which geographic diversification offset a 19% drop in profit in Spain, it told the Spanish National Securities Market Commission (CNMV) on Wednesday.
The company has made historic investments of 10.73 billion euros, up 13%, despite inflationary pressures and supply chain challenges.
With these figures, the company reported that it continues to “take firm steps” in its commitment to accelerate the energy transition to reduce dependence on fossil fuels, despite this being the sector that has benefited the most from the crisis, according to recently released results.
