Iberdrola earns $1,485 million, 40% more, thanks to business in Spain and the UK.

Iberdrola earned €1,485 million as of March, representing a 40% increase compared to the previous quarter, after a recent year of record results. Basque Electricity increased its total operating results (EBITDA) by 38% to 4,064 million, driven in particular by businesses in the UK and Spain.

Its total profits in Spain, which affected its numbers for 2022, It doubled compared to the previous quarter, reaching 1,190 million. This increase comes in response to increased hydraulic and nuclear production, sales growth and energy purchases at prices significantly lower than last year and the positive impact on gas management compared to the first three months of 2022.

In this sense, the tax item during the period reaches 591.9 million, compared to 311.5 million at the end of March 2022. 1.2% tax on government approved sales It had a negative impact of $216 million. Tax items are also found with Minor effects, such as an increase in hydropower fees due to increased production with this technology, and an increase in spending on the social reward, after its approval at the end of March 2022.

Meanwhile, in the UK it rises by 144% (up to 579.6 million) due to the recovery of the previous tariff deficit and the normalization of spreads in the results.

The company did some Investments 10.4 billion euros in the first quarter of 2023, an increase of 9% over the same period of the previous year. 91% of the investment was allocated to renewables (€4.6 billion, of which 30% to offshore wind) and smart grids (4.8 billion).

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The investment figure, coupled with the return of production to normal in the first quarter of 2023, has allowed the volume of investment to increase. Renewed generation 11% during that period and reduced energy purchases made last year at high prices. In this way, the company now has 40,344 renewable megawatts worldwide.

Furthermore, Iberdrola is strengthening its position in Offshore windwith 3,500 MW under construction – of which 1,800 MW will come into operation in France, the United States and Germany – with contracts with suppliers already closed and power sold for 15 years or more.

On the other hand, they are Enter It grew by 27%, to 15,461 million, and Supplies 17% up to 8,752 million.

he Operating cash flow The company’s value reached EUR 3,000 million in the last three months, improving its cash generation ratio Net debt (43.7 billion) by 1.3 percentage points, amounting to 25.3%.

Latest agreements

In recent weeks, the company concluded an amicable agreement to sell 60% of its business in Mexico for $6 billion (about 5.5 billion euros). The company has 15 plants, focusing on its clean energy business and industrial customer base.

This process also joins the new vehicle with the Singapore sovereign fund (GIC) to co-invest in the transmission grid business in Brazil, announced yesterday by elEconomista.es, and the agreement with Norges for new renewable energy projects with a capacity of 1,300 MW.

Thanks to the two recent agreements concluded this quarter, the company reached… Financial goal The amount of €7.5 billion is set out in the 2025 Strategic Alliances and Asset Recycling Plan.

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Added to this is the power package it has 95% of production sold On different terms – short, medium and long-term – with power purchase agreements or bilateral contracts.

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