Spanish energy company Iberdrola reported a first-quarter net profit exceeding €2 billion, supported by record investments, with more than half directed toward offshore wind projects in the UK and the United States.
Total investments over the past twelve months reached €17.3 billion, with a significant portion allocated to offshore wind developments, notably East Anglia 2 and 3 in the UK and Vineyard Wind in the U.S. During the quarter, capital expenditure increased by 14% year-on-year to €2.72 billion, of which 65% was concentrated in the UK and U.S.
Selective investments in renewable energy reached €1.064 billion, up 7% from the same period last year. Investment in energy networks, which accounted for 53% of the total, rose 18% to €1.432 billion.
The company also reported a 14% increase in regulated asset value to €49 billion, following the integration of Electricity North West (ENW), and expects this figure to surpass €51 billion by the end of 2025.
Iberdrola said the recent increase in tariffs had no material impact on results, adding that higher investment costs were mitigated by robust supply chain management, limiting the cost rise to below 1%.
The company now has an additional 4,000 MW of renewable energy capacity in operation, with all energy output sold under contract through 2025. It expects the commissioning of further offshore wind projects and continued investment in networks to strengthen cash generation.
“Our focus on regulated networks and selective investment in renewables in A-rated markets has continued to contribute to sustained growth in results and dividends,” said Iberdrola Executive Chairman Ignacio Galán. “Our record investment in this quarter, and our planned future investments in networks, show how we’re focused on speeding up electrification in order to reduce external dependency, improve competitiveness, promote local industries and jobs and deliver price stability.
