Iberdrola records record profit for 2010

SPAIN: Iberdrola has 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%. However, its net earnings fell 3% as a result of poor performance from gas.

The company added that electricity production from renewables had increased by 18%, with wind contributing to 96.5% of overall production.

Overall wind capacity is at 12,532MW, which includes 1780MW of new capacity. 60% of the new capacity comes from the US; 420MW from Spain; 130MW from the UK; and 187 from the rest of Europe and Latin America.  

Iberdrola Group results

  • A 17.5% rise in sales to a €30,431 million.
  • Ebitda rose 10.5% to €7,528 million, and operating cash flow by 11.3% to €5,468 million
  • Increased production by 8% to a 154,073 million kWh.
  • Gross investments in business portfolio of €5,674 million and divestments totalling €2 billion in non-strategic assets (U.S. gas, Guatemala) reinvested in basic energy business (renewables and  the Maine transmission line).