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Spain

Iberdrola renewables arm remains flat in 2017

SPAIN: Wind developer Iberdrola said pre-tax earnings in the first nine months of 2017 were on par with results in the same period last year, as the UK offsets poor Spanish output.

Iberdrola's UK renewables business helped offset poor production in Spain
Iberdrola's UK renewables business helped offset poor production in Spain

Earnings before interest, taxes, depreciation and amortisation (Ebitda) in the group's renewable business totalled €1.14 billion – a zero per cent change from last year, according to the nine-month report.

Revenues totalled €1.88 billion, a 2.9% increase.

The results were aided by strong production in the UK, which saw a 20.9% increase in average operating capacity and a 17.8% increase in load factor.

The results were also boosted by a strong showing in the US and Brazil that have enjoyed strong wind resources.

Iberdrola's renewable's results suffered, however, by lower wind resource in Spain, which brought the earnings down to the same level as last year, the company said.

The Spanish group's overall Ebitda was 5% lower than 2016 due to the "impact of extraordinary external conditions, namely due to low hydropower output", the company said.

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