Solar and wind additions help Iberdrola’s first quarter profits

The largest wind operator in the world adds capacity in US onshore wind, German offshore, and Mexican solar

Renewables revenue and profits at Spanish utility Iberdrola rose during the first quarter of 2019 as the contribution of the renewables business in the UK, Brazil and Mexico, as well as offshore wind, more than offset lower production recorded in Spain and the US.

Revenue in renewables was up 5% at €1.10bn ($1.23bn) in the first quarter of 2019 from a year earlier, while earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 13.3% to €683.6m during the period.

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World-wide average operating power at Iberdrola rose slightly, by 0.8%, to 29.5GW in the first quarter, as additions from solar in Mexico (up 279MW), onshore wind in the US (up 160MW) and the continuous availability of the Wikinger offshore array in the German Baltic Sea (up 142MW), as well as hydro capacity in Brazil (up 98MW) more than offset the deconsolidation of hydro capacity in the UK (down 563MW).

The utility’s group-wide consolidated Ebitda increased by 11.9% to €2.6bn in the quarter, and net profit was up 15% at €963.9m, helped by adjustments relating to the US tax reform.

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