Earnings from Iberdrola’s renewables business were down 2% to €819.6m in the first half of 2017 from €836.5m in 2016.
However, revenue was up slightly at €1321.7m, compared with €1296.9m in the same period last year.
The company said the earnings fall was mainly down to less wind in Spain compared with 2016, which it described as an “extraordinary high” wind year.
Increased operating expenses also contributed, the company said.
Net profit from renewables was €277.8m up from €240.1m last year.
Output from renewables was down 12% at 29,276 gigawatt-hours, compared with 33,335GWh in the first six months of 2016.
Onshore wind fell 1.2%, but offshore wind was up almost 14% at 387GWh from 340GWh in 2016.
The biggest drop was hydro and mini-hydro, which fell 26% and 38% respectively.
Renewables capacity was up 3.6% on the same period last year at almost 28.3GW, compared with 27.3GW.
Offshore wind capacity jumped 85% to 359MW, up from 194MW in 2016. Onshore wind grew 3.6% to just under 15.1GW from 14.2GW last year.
Overall, revenue at the company was up 1.8% to €15,168.8m in the first half of 2017 from €14.898.0m last years.
But earnings were down 3.6% at €3751.8m compared with €3892.1m in 2016.
Image: Iberdrola
