Iberdrola, Europe’s largest electricity company, reported a net profit of 2,760 million euros in the first quarter of 2024, a significant increase from the 1,485 million recorded in the same period the previous year. This growth was primarily due to the sale of its combined cycle (gas) plants in Mexico, which brought a capital gain of 1,165 million to its income statement. Without this operation, the net profit would have still seen a substantial 27% jump.
The company forecasts a net profit of more than 5,000 million by year-end. This new historical high is attributed to strong operating performance, investments, and new regulatory frameworks in the network business. President Ignacio Sánchez Galán noted the good performance in the first quarter, indicating an improvement in forecasts for the entire year.
Iberdrola’s gross operating result (ebitda), excluding the Mexico operation, showed profits of 4,140 million euros in the first quarter. This growth stemmed from enhancements in electrical networks as well as notable contributions from renewable generation in various geographic regions. Despite challenges like collapsing electricity prices, the company demonstrated growth and resilience in its operational performance.
Sanchez Galan highlighted the unstoppable trend of electrification moving forward. Iberdrola continues to invest in renewable energy infrastructure to support this growing sector. Despite market fluctuations and challenges, the company remains optimistic about the future of sustainable energy production.
Iberdrola also reduced its debt for the first time in several quarters through selling its fossil business in Mexico from over 47,800 million to 45,000 million as of March 31st. Investments grew by 36% in the first quarter and reached a record almost 2.4 billion euros with renewable energy projects being a significant portion of it.
The sale of fossil business helped reduce Iberdrola’s debt levels while investments were focused on electrification and renewable energy technologies.
Overall Iberdrola’s strong financial performance indicates that it is well positioned for long-term success amidst market fluctuations and challenges related to sustainable energy production
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