Iberdrola profits up in Q1 2023 – El Sol de México

Iberdrola’s profits in the first quarter of the year rose to 1,485.4 million euros, a figure 40% higher than what was recorded in the same period in 2022.

The Spanish energy company said in its first quarterly report for the year that these benefits were largely due to improved results in the UK and the EU.

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According to the document, the regulated tariff recovery in the UK, as well as better performance in EU countries resulting from the normalization of production and lower energy purchases at lower costs compared to the year above, along with growth in the renewables and grids sector, benefited the company in the first part of the year.

In the same period, the company recorded total sales of 15,460.6 million euros, an increase of 27 percent at the annual rate, despite the new taxes and fees that the company faced.

Iberdrola also reported a 9 percent annual increase in the volume of investments, to €10.4 billion in the reference period.

In the document, the company headed by José Ignacio Sánchez Galán highlighted the sale of assets in Mexico as part of its global divestment plan.

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At the beginning of April, the company announced the sale of 13 generating plants in the country, which will be operated by CFE, in an agreement that resulted in benefits for the company close to $6 billion.

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