Iberdrola’s net profit for the group as a whole increased by 21% in the first half of 2023.
The group reported €2.52bn in net profit for H1, while earnings before interest, tax, depreciation and amortisation (EBITDA), rose by 17% to reach €7.56bn, “driven by strong performance in the EU, with the normalisation of renewable generation and prices after the extraordinary situation of last year – and the UK – including the recovery of retail deficits of last year”, the company stated.
EBITDA for the electricity production and customers business increased by 46% to E4.5bn.
In the first half of this year, Iberdrola’s investment in its renewables business totalled €1.2bn, equivalent to 43.2% of the total of investments made in the period.
At the end of the first half of 2023, Iberdrola’s installed electricity generation capacity worldwide grew by 4.2% compared to the end of June 2022 and reached 62,045MW, with capacity from emission-free sources accounting for 71.7%, or 44,513MW, of total capacity, up from 70.6% at the end of June 2022.
Out of this amount, 41.2GW is Iberdrola’s own use.
In H1 2023, solar capacity increased by 44% to 4.9GW, onshore wind installed capacity rose 4.5% to 20.6GW, with offshore wind capacity increasing by 8.9% to 1.4GW, hydroelectricity decreasing by -0.2% to 14GW.
Ignacio Galán, Executive Chairman of Iberdrola, said: “We continue accelerating in the execution of our Strategic Plan, with investments of more than €10.5bn in the last 12 months, to achieve a Networks Asset Base of €40bn and 41,250MW of installed renewables capacity.
“This set of results confirms our capacity to execute our plans ahead of estimates, even in the current challenging macroeconomic scenario.
“This means that by the end of the year we expect a high-single-digit growth in net profit, excluding additional capital gains from asset rotation.”