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Iberdrola Renovables posts 10.1 percent Q1 rise

SPAIN: Iberdrola Renovables has announced a 10.1 percent increase in its first quarter earnings to €171.9 million.

EBIT earnings rose by 9.3% to €428.3 million while overall Iberdrola posted Q1 earnings of €1 billion across all its divisions.

In the renewables division, operating capacity has risen 16.6 percent to 12.5GW, with 61.4 percent of this coming from the US.

The company also produced 7,636 kWh, an increase of 12.1 percent. This was driven by a strong performance in the US where output rose 47.9 percent, and the UK, which increased by 22.9%.

Iberdrola Renovables earnings by country:

  • Spain 50 percent
  • US 25.7 percent
  • UK 7.7 percent
  • Rest of the world 10.8%
  • Gas 5.4 percent

In March, Iberdrola Renovables said it planned to cut its renewables investments in 2012 by almost half, predicting less demand for wind energy in its key US and Spanish markets.

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