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Iberdrola holds steady course

Renewables revenue up 2.9% in first nine months of 2017

Iberdrola holds steady course image

Iberdrola reported revenue from its renewables business of more than €1.87bn in the first nine months of 2017, an increase of 2.9% on last year’s €1.82bn.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) remained static this year at €1.14bn, while net profit increased to €334.1m in 2017 from €313.7m in the first nine months of 2016.

Renewables output in the period fell to 102,494 gigawatt-hours from 107,084GWh last year. The fall was mainly down to reduced hydro production, which droped to 12,600GWh from 18,027GWh in the first nine months of 2016. The company also cited low wind resources in Spain.

Output from onshore wind grew 1.3% to 24,687GWh, from 24,382GWh last year, while offshore wind increased 7.1% to 565GWh from 527GWh in 2016.

Installed offshore capacity jumped 167% on this time last year to 519MW, from 194MW previously. Onshore capacity increased by 6.7% to 15,383MW from 14,419MW in 2016.

Overall, the company’s EBITDA was just over €5.4bn in the first nine months of the year, down from over €5.7bn in the same period of 2016.

Earnings were impacted by the drop in hydro output in Spain, the company said.

Revenue grew 3.5% to more than €22.28bn this year from almost €21.54bn in 2016.

Net profit was up 18.4% in 2017 to over €2.41bn from just above €2.04bn in the first three quarters of last year.

Image: Iberdrola

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