Earnings from Iberdrola’s renewables business were down 3% to €836.5m in the first half of 2016, compared with last year.
The Spanish company said the main reason for the drop was lower production in the UK, where output fell 26.2%.
UK earnings from renewables were down 34.4% to £116.6m, Iberdrola said.
There was better news in Spain were earnings before interest, taxes, depreciation and amortization (EBITDA) from renewables grew by 22.7% to €319.7m. The growth was on the back of an output increase of 7%, the company said.
In the US, renewables EBITDA was up 3.9% to $311m buoyed by a 10.3% increase in output.
Iberdrola’s Latin American business brought in €36.8m, a drop of 2.2%, while in the rest of the world renewables EBITDA was €49.9m, representing a 4.4% fall.
The company said it had made progress on its 350MW Wikinger and 714MW East Anglia 1 offshore wind projects in the first half of the year.
Almost half of the pin piles have already been laid at Wikinger in the German Baltic Sea, while a wind turbine supply contract with Siemens had been signed for East Anglia 1.
Overall, Iberdrola obtained a gross operating profit of €3.892bn in the first half of 2016, up by 1.4% on the same period a year ago. Renewables contributed 21% to the overall figure, the company said.
Net profit was €1.4567bn, 3.3% less than in the first half of 2015.
Looking forward to the end of 2016, Iberdrola expects its renewables business to keep up the level recorded in 2015.
It said earnings for the year will not be affected by factors such as the result of the referendum in the UK to leave the EU.
“In this regard, it should be pointed out that Iberdrola’s significant geographical – and currency – diversification will offset any possible impact of Brexit,” it said.
Image: Iberdrola
