Spanish energy giant beats its profit record and earns 4.13 billion euros in just six months

The United States and United Kingdom continue to be Iberdrola's main investment priorities, with 56% of its new resources going there

Manu Álvarez

Madrid

Friday, 26 July 2024, 17:20

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The Basque-based Spanish electricity company Iberdrola has beaten its half-yearly profit record, reaching a figure of 4.13 billion euros this year, which represents an increase of 64 per cent compared to the same period in 2023. The key to the growth is to be found in its good performance around the world, as well as the making of 1.16 billion euros following the sale of a set of combined cycle power plants in Mexico.

The company chaired by Ignacio Galán had already anticipated that what has happened in the first half of the year is set to continue and it expects to close the year with a profit figure that will far exceed 5 billion euros (in 2023 it hit 4.8), as it anticipates growth of more than 10%.

This figure is without taking into account the sale of the plants in Mexico, which could help to bring the net result for the year very close to 7 billion euros.

The electricity company highlighted on Wednesday 24 July that these results have been obtained in a context of higher hydroelectric production than in the first half of 2023, as its plants with this technology have been able to produce 50% more electricity thanks to good weather conditions.

Solar production has grown, while wind power has decreased slightly, while nuclear and gas combined cycle plants have suffered greater production cuts. Along the same lines, Iberdrola highlighted that almost 90 per cent of its electricity production in all the countries in which it operates is generated by renewable technologies. The company also highlighted the significant increase in pumped hydro generation in this period.

Investment

Investments in the first six months of the year amounted to 5.3 billion euros, an increase of 16% compared to the first half of last year. The United States and United Kingdom continue to be the company's main investment priorities, with 56% of its new resources going there.

The Iberian peninsula receives 19% of the investment and the company estimates that electricity demand will go up in the short term due to the opening of data centres, which are large consumers of energy. Despite the investment, the company's significant cash generation in recent months has enabled it to reduce its debt by 2.67 billion euros.

Iberdrola emphasised that its contribution to the public coffers between January and June, by way of tax generation, amounted to 5.3billion euros. This figure represents an increase of 20% compared to the amount contributed in 2023.

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