21st January 2020
Maranchón wind farm
Business Energy

Iberdrola posts record profit on renewables boost

Spain’s electricity giant Iberdrola said Wednesday its 2018 net profit rose 7.5% to 3.01 billion euros, its best-ever result, thanks to a boost in its wind and hydro energy output.

‘It is the first time the group’s earnings have exceeded three billion euros,’ the Bilbao-based group said in a statement.

Turnover rose 12.2% to 35.1 billion euros, it said.

Sales in the company’s renewable energy branch, meanwhile, rose 28% thanks to a rise in production of wind, hydro and to a lesser extent solar energy.

Maranchón wind farm
Maranchón wind farm in Guadalajara, Spain (Photo Iberdrola.com)

Gas and coal production dropped last year.

The production of hydroelectricity in Spain and Portugal soared 74% compared to a particularly dry year in 2017.

In Brazil, where Iberdrola owns dams, demand increased.

Iberdrola CEO Ignacio Galan said the profit generated ‘encourages us to continue pushing for the transition to a low carbon economy’.

‘The fight against climate change is an opportunity,’ he added in a statement.

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