The increase in revenue across the division also came despite decreases in the wholesale prices of energy for its business in Spain, where the majority of its installed capacity is situated, it added.
Production levels for the division amounted to 5,301GWh in Q1 2018, 15% higher than one year earlier. This was mainly due to increased production at wind farms in Spain and the US, plus new capacity in operation, it stated in its first quarter results.
Acciona’s energy division’s operating profit (Ebitda) also grew 5.7% year-on-year to €220 million, but its earnings before tax (EBT) dropped sharply (26.5%) year-on-year, from €70 million to €51 million. The drop in EBT was "mostly due to companies consolidated via the equity method and the effect of exchange rates", Acciona stated.
The wider Acciona group’s first quarter revenue was up 2.8% year-on-year from €1.63 billion to €1.68 billion, mainly due to the increase in energy revenue, and generation from its Spanish and international assets, the company stated.