Iberdrola’s net profit rose by 17% in the third quarter of 2023, compared with the same period in 2022, thanks to improvements in renewable output in the EU.
Net profit rose to €3.64bn in the third quarter, while EBITDA rose to €10.8bn (+13%), compared with in the same period of 2022.
In the past 12 months Iberdrola has invested €11bn in networks and new renewables capacity.
Renewable capacity increased by 3100MW in the last 12 months to reach 41,300MW.
Close to 8000MW is under construction with 100% of supply chain contracts signed for projects with FID in place, and framework agreements secured for all other capacity additions for 2025.
Iberdrola has 3500MW of offshore wind capacity in construction that will represent more than €10bn in investments, with capacity expected to reach 3100MW by 2025 and 4800MW in 2026/27.
All projects are being delivered on schedule, with supply chain fully secured, and 100% of the energy to be produced is secured under CfDs or sold through PPAs for 15-20 years.
EBITDA contribution from offshore wind will reach €1.9bn from 2026/27 vs €700m in 2022, Iberdrola stated.
A mature pipeline of offshore wind projects secured at competitive costs (€60/kW) will provide opportunities beyond 2027 with 3600MW consented in the UK and US plus 8000MW of seabed rights.
Executive chairman of Iberdrola Ignacio Galán (pictured) said: “The execution of the strategy presented last November is allowing us to grow, preserve financial strength and increase dividends.”