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Iberdrola to cut new capacity investment in 2012

SPAIN: Iberdrola Renovables is planning to cut its renewables investments in 2012 by almost half, predicting less demand for wind energy in its key US and Spanish markets.

Iberdrola said it planned to add 750MW in 2012, a reduction of 700MW on the expected 2011 figure of 1,450MW. The falls will principally come in the US and Spain.

The 2012 wind energy breakdown for new capacity across the markets is:  

  • Spain – 285MW
  • United States – 277MW
  • UK – 67.5MW
  • Rest of the World – 97.5MW

Last month, Iberdrola announced a €2.87 billion net profit for 2010, the highest in its history, with its renewables division contributing €360 million.

The company said its renewables division Iberdrola Renovables recorded a gross operating profit of €1,455 billion, an increase of 9.8%.

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