Spain

Spain

Iberdrola increases profit and wind energy production

SPAIN: Iberdrola has announced a 2% profit rise for the nine months preceding September 30, with wind partly responsible for the increase.

Iberdrola posted net earnings of €2billion over the period. The company said that compared to the same period in 2009, wind energy output rose 20.2% to 18,091 million kWh. This includes increases of 29.6% in the US, 18.2% in Spain and 21.9% in the rest of the world.

Wind energy division Iberdrola Renovables recorded a gross operating profit of €972 million, a rise of 19.4%. Gross margin rose 18.6% to €1,411.6 million, of which half came from international business, while net earnings rose 7.1% to €179.4 million.

Operating capacity was 16.1% higher at 11,434 MW, with 52.8% of the growth coming from the US.

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