Lower Output in UK Hurts Iberdrola

Spanish energy company Iberdrola marked a 3 percent dip in gross operating profit (EBIDTA) at its renewable energy division in the first six months of 2016, with lower production in the United Kingdom being identified as the main culprit behind the slide.

The company recorded EUR 836.5 million EBIDTA coming from renewables in the first half of 2016. In the UK, the company’s output fell by 26.2 percent, affecting EBITDA which dropped by 34.4 percent to GBP 116.6 million (EUR 140 million).

On the other hand, renewable energy business performance was particularly good in Spain, where EBITDA grew by 22.7 percent to EUR 319.7 million, driven by a 7 percent increase in output.

Renewables also recorded good progress in the United States, with an EBITDA of USD 311 million, up 3.9 percent, and a 10.3 percent increase in output.

The company has also reported making progress on its offshore wind farm projects: Wikinger and East Anglia One.

Almost half of the foundations have already been laid at the 350MW Wikinger wind farm, which is being built in German waters of the Baltic Sea.

For East Anglia One, located in the North Sea with 714MW capacity, the company signed the wind turbine supply contract with Siemens.