Iberdrola Profits Rise Driven by Spanish Sales, Renewable Boost
- Spain’s hydro generation climbed 61% comparared to 2022
- Spanish utility boosts 2023 net income growth guidance
The dam at the Cortes II hydroelectric power plant, operated by Iberdrola SA, in Cortes de Pallas.
Photographer: Angel Garcia/BloombergSpanish energy giant Iberdrola SA reported a 13% year-on-year jump in profits, driven by an increase in renewable generation and domestic sales that offset weaker performance of its US and Brazil power networks.
Earnings before interest, taxes, depreciation and amortization rose to €10.8 billion ($11.4 billion) in the first nine months of 2023, a 13% jump over the same period a year earlier, the Bilbao-based utility said Thursday in a release filed with Spanish securities regulator Thursday. The company increased 2023 net profit guidance to double-digit growth from the previous mid-single digit forecast.