Iberdrola Profits Up with Contribution from OWF

Laxman Pai
Monday, July 29, 2019

Spanish public multinational utility company Iberdrola said that its gross operating profit (EBITDA) grew by 12.5% to €4.99 billion, due to the positive performances in the United States, Mexico and Brazil and the contribution of the Wikinger offshore wind farm, which amply offset lower contribution from the Networks and Renewables businesses in Spain and the Generation and Retail business in the UK

Group Chairman Ignacio Galán explained that “this double-digit growth highlights the success of our business model, based on a commitment to clean energy, regulated assets with stable and predictable returns, and a well-judged geographical diversification.”

From investments during the first half, he highlighted the 68% rise in clean generation investments, as reflected by the good progress of works at East Anglia One offshore wind farm in the North Sea.

Due to this investment, the company expects 5,250 MW of new capacity to be commissioned during 2019, out of which 75% will come on stream in the second half of the year. The acceleration in the pace of investment signals that the target of developing 13,000 MW in new capacity during the 2018 to 2022 period will be exceeded. This would mean an increase in the group's installed capacity of more than 40% relative to the start of the Plan.

The increase in investments is also a response to the business opportunities presented by the transition to a low carbon economy.

He said decarbonisation strategies are being implemented in both the US and Europe. These include the EU's Clean Energy for All Europeans package, Spain's Integrated National Energy and Climate Plan, the UK's Net Zero Emissions by 2050 Plan and the New York Climate and Community Protection Act, among other initiatives.

At the same time there are opportunities in offshore wind and network infrastructure in US, UK and Brazil. Mexico is also seeking to commission 70,000 new megawatts of capacity by 2033.

Categories: People & Company News Finance Energy Wind Power Offshore Wind

Related Stories

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

CNOOC Starts Production at Offshore Field in South China Sea

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Second Hai Long Substation Heads to Project Site Offshore Taiwan

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com