Utility giant Iberdrola reports profit fall of 14% in Spain

SPANISH energy provider Iberdola has reported a 29% rise in profits over the first nine months of 2022 compared to the same period last year.

That’s down to its US and Brazilian operations as well as an increased investment in renewable energy.

Profit figures in Spain tumbled by 14% with Iberdrola putting it down to the summer droughts.

It’s overall bank balance is extremely healthy with a net € 3.1 billion profit this year up to September.

The company has projected an annual profit of up to € 4.2 billion.

Governments like the one in Spain, as well as a EU-wide initiative, have moved to impose windfall taxes on energy companies they believe are benefiting from higher prices as a result of Russia’s invasion of Ukraine.

Iberdrola has been vocal in objecting to state intervention, claiming they fix prices far in advance of wholesale market rises and that changing regulations might put off longer-term investment in cleaner energy.

The firm’s investments were 14.2% up on the same period last year, with 90% allocated to renewables and smart grids to accelerate electrification and energy independence from fossil fuels

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Iberdrola’s Executive Chairman, Jose Ignacio Sanchez Galan, said: “Accelerating investments in electrification will allow us to be less dependent on the volatility of oil and gas and generate more growth and more jobs, as this set of results shows.”

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