The Diplomat
Iberdrola posted a net profit of 1.485 billion euros in the first quarter of the year, an increase of 40%, driven mainly by its improved results in Spain and the UK, the company said.
The group’s gross operating profit (Ebitda) rose 38% in the January-March period to 4.064 billion euros, mainly due to the recovery of the SVT regulated tariff deficit in the UK, the improved performance in European Union countries due to the normalisation of production and lower energy purchases at lower prices than last year, as well as growth in Renewables and Networks.
The energy company’s sales figure also soared in this first quarter to 15,460.6 million euros, compared to 12,150 million euros in the same period of 2022.
This increase in the company’s figures came despite an increase in taxes in the period, which reached 591.9 million euros, compared to 311.5 million euros at the end of March 2022, mainly as a result of the higher pre-tax profit, the inclusion of the 1.2% tax on sales in Spain and the recording last year of the capital gain from the reorganisation of offshore wind assets in the US, the result of which was net of tax.
For the full year 2023, the group forecasts a net profit growth of mid to high single digit, without considering additional extraordinary items.
The company’s investments amounted to EUR 10.4 billion in the first quarter of 2023, 9% higher than in the same period of the previous year.
Ninety-one percent of the investment was in renewables -4.6 billion euros, 30% of which was in offshore wind – and smart grids -4.8 billion euros- to accelerate electrification and promote energy autonomy.
This investment drive, together with a normalisation of production in the first quarter of 2023, allowed renewable generation to increase by 11% in the period and reduce energy purchases made last year at high prices. As a result, the company now has 40,344 megawatts (MW) of renewable energy worldwide.
