Iberdrola’s earnings from renewables were down almost 9% in 2016 to €1.5bn, a drop of €147m from 2015.
The Spanish utility said a “weaker performance” in the UK due to foreign exchange and wind conditions was the main reason for the fall.
Earnings in the UK from renewables were down 31% at £219m from the previous year’s £318m, as output fell by 17% year-on-year.
The company also saw earnings fall 2% in the US to $624m. Output was up 5%, but lower prices and the impact of lower market value for electricity derivatives impacted the overall result, Iberdrola said.
Iberdrola faired better in its home market of Spain, with earnings from renewables up 5% to €497m, driven by higher output.
Latin America also saw an improvement, with earnings up 10% at €77m, largely boosted by activities in Mexico. In the rest of the world, the company had a slight improvement with earnings up 0.3% to €95m.
Image: Iberdrola
Iberdrola takes earnings hit
‘Weaker performance' in UK reduces renewables EBITDA by 9% in 2016
By EBS