Iberdrola Profit Stable at EUR 840.8 Mln

Iberdrola recorded first quarter Ebitda of €2,136.3 million, a rise of 8.8%, while net earnings were stable at €840.8 million (-0.7%). Recurring net profit rose 7.2% to €795.9 million.

These results were made possible by growth in international businesses, which increased their contribution to Ebitda by 14.5%, and to strong operating performance during the period.

In the UK, Ebitda from renewables came to €111.2 million with a 14.7% increase in production reflecting a new contribution from the West of Duddon Sands offshore wind farm that reached full operating capacity in October 2014.

The 194MW wind farm is under its first full operating year and has delivered an output of 10% over the budget during the first quarter.

Iberdrola continues with the development of the Wikinger offshore project, of up to 350 MW, in the Baltic Sea (Germany). Progress continues in detail engineering works, manufacturing and in processing the main permits and authorisations.

Furthermore, Iberdrola is developing in the United Kingdom the ‘East Anglia’ project in the North Sea. During the first quarter of the year, Iberdrola materialised the purchase of the remaining 50% share of the East Anglia I farm from partner Vattenfall.

In addition, in February 2015 the East Anglia I project was awarded with Contract for Difference in the first auction of this kind in the United Kingdom, with a maximum capacity of 714 MW; following the award the contract was signed, giving the go-ahead to continue its development. Final investment decision will be made in the first quarter of 2016.

Iberdrola is also developing a 500MW Saint-Brieuc offshore wind farm located off the French coast.