Iberdrola has reported a substantial increase in its renewables production, reaching 42,387 megawatts (MW) in the first quarter of 2024, marking a notable rise of 5.2% compared to the same period last year.
The surge in renewables production was primarily driven by the company's offshore wind projects, which collectively contribute 1819MW of energy to its portfolio. Notable contributions include the full operation of the St. Brieuc project in France and the progressive capacity expansion of Vineyard Wind 1 in the US and Baltic Eagle in Germany.
Renewables production in Iberia witnessed a remarkable uptick, soaring by 19% to reach a 10-year high of 10,600 gigawatt-hours (GWh), while energy storage surged by 18% to 2,240GWh.
During the first quarter, Iberdrola demonstrated its commitment to renewable energy investment, allocating just under €1 billion to renewables projects, marking a 50% increase compared to the same period last year. This surge in investment, particularly in offshore wind, underscores Iberdrola's unwavering dedication to expanding its clean energy portfolio.
Ignacio Galán, Executive Chairman of Iberdrola, expressed satisfaction with the company's performance, stating, “The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production.” Galán emphasized the positive start to the year and highlighted the company's record investment levels, projecting a total spend of €12 billion for the year.
The robust performance in the first quarter has led Iberdrola to revise its guidance for 2024, with net profit now expected to grow at a high-single-digit rate, reflecting the company's optimistic outlook and confidence in its strategic direction.
