Iberdrola posts€1.05 billion net income in Q1, up 3, thanks to US, Brazil and other transnational business areas
Growth driven by investment in renewables and grids, and the transnational figure-up
Further than€2.1 billion invested in the first quarter ( nearly€ 10 billion in the last 12 months). 91 was allocated to new renewable capacity and smart grids. 80 of the investment was directed to transnational requests, similar as the United States (32), Brazil (18), the United Kingdom (15) and other transnational geographic areas (14).
MW new renewable capacity installed over the last 12 months, of which MW is solar PV; MW of onshore wind; 998 MW hydroelectric capacity and 111 MW of batteries. In addition, the company has MW under construction and a total channel of MW.
Offshore wind leadership
The company formerly has MW in operation and expects an fresh MW by 2027, of which MW are under construction.
Planning concurrence entered for the-MW East Anglia Hub in the United Kingdom.
A power purchase agreement for the Commonwealth Wind ranch was inked in the United States, which will involve an investment of€ 4 billion.
800 million invested in networks. The USA and Brazil together represent 64 of the investment, while the remaining 36 was in Spain and the United Kingdom, where a new-MW connection between Scotland and England is anticipated to be functional by 2027.
Sustainable employment and pull effect
In the last 12 months, purchases in excess of€ 12 billion have been made, furnishing employment for people across Iberdrola’s suppliers.
Also, the company hired new rookies in the same period.
Advanced results in other countries neutralize the decline in Iberdrola Spain’s earnings
Gross profit grew 5. The company posted€2.95 billion EBITDA in the quarter thanks to the good performance in the US, Brazil and the transnational area.
Net profit increased by 3. The growth in transnational business neutralize the poor performance of Iberdrola Spain, which recorded a 29 drop to€ 337 million. Net profit in Spain, lower than a third of the Group’s total, was affected by high energy prices that weren’t passed through to fixed- price guests.
Guidance for 2022 The company formerly again confirms net profit cast for this time between€ 4 billion and€4.2 billion and anticipates a tip bottom of at least€0.44 per share.
A short and long- term flexible model
Two decades leading decarbonization and energy tone- adequacy, in line with the European Union model. The result to the current situation continues to be the strengthening of the European frame, avoiding public fragmentation.
A sustainable business portfolio in any script. The company is largely diversified geographically with 70 of gross periphery coming from the transnational area. It has a solid fiscal structure, with 80 of fixed- rate, long- term debt, and procurement with unrestricted or assured prices for 2022, therefore avoiding current commodity and foreign exchange pressures.
Bettered fiscal rates and leader in sustainable backing. Cash inflow grew by 32 in the first quarter of 2022, to€ 3 billion. The company consolidates its position as a global standard in sustainable and green backing with€ 41 billion outstanding.
Iberdrola continues to pursue its strategy, committed to clean energy in order to accelerate the energy transition and the earth’s decarbonization. To this end, the company has invested nearly€ 10 billion over the once 12 months. With further than€2.1 billion invested in the first quarter of the time, with over 90 allocated to smart grids andrenewables.Some 80 of the investment was allocated for transnational requests, with 32 in the United States, 18 in Brazil, 15 in the United Kingdom and 14 in other transnational geographicareas.Thanks to investments and the transnational donation, net profit grew to€1.05 billion in the first quarter of 2022, over by 3 compared to the same period in 2021. The growth in the transnational business – 33 in Avangrid and 20 in Neoenergia – neutralize the adverse result of Iberdrola Spain, which recorded a 29 drop in net profit, to€ 337 million, due to high energy prices which weren’t passed on to its guests who has acquire energy at preliminarily agreed fixed prices. With this decline, Spain now accounts for lower than a third of the group’s total profit. 80 of the energy vended to Iberdrola’s liberalised request guests is at prices that are between one- half and one-third lower than the regulated tariffprices.Gross operating profit (Ebitda) increased by 5 in the first quarter of 2022, to€2.95 billion, thanks to the good performance of the United States, Brazil and the transnational area. By business, the networks area grew by 20 to€1.58 billion, while the energy product and force business fell by6.8, to€1.36 billion, substantially affected by high energy prices, low renewable product and the unscheduled arrestment of the Cofrentes nuclear factory- now resolved-, which forced the purchase of nearly4.5 TWh in themarket.Ignacio Galán, Chairman of Iberdrola stressed that”the current extremity demonstrates the need to accelerate the energy transition to achieve energy tone- adequacy in Europe and decarbonize our frugality. To achieve this, results grounded on the European frame and a nonstop dialogue between request players and administrations are demanded.”
Greater commitment to renewables and countries engaged with decarbonizationThe company has allocated further than€1.12 billion of its first- quarter capital expenditure to renewables. This investment drive has enabled the group to install MW new clean capacity in the last 12 months- solar PV, MW onshore wind, 998 MW hydroelectric and 111 MW of batteries-and to reach MW of renewable capacityworldwide.The company presently has MW under construction and a design channel totaling MW. By country, the company has accelerated development in regions with lesser climate ambition and more stable nonsupervisory fabrics, similar as the United States – with further than MW in the channel –, the United Kingdom – MW – and other transnational geographic areas – with MW – including countries similar as Sweden, Germany, Australia, Poland andJapan.One of the group’s main growth platforms is the development of coastal wind systems, where it formerly has MW in operation.