Iberdrola earns 2408 million, 10% less, for “energy prices and taxes”

Iberdrola got a net profit from 2408 million euros in the first nine months of the year, a 10.2% less that in the same period of 2020, negatively affected by high energy prices, new taxes and lower extraordinary, as reported by the company.

Adjusted net profit, which excludes these effects, grew by 5.2% to 2,688 million euros, as the company reported on Wednesday to the National Stock Market Commission (CNMV).

The company has reported that it has sold 100% of its production in Spain in 2021 and 96% for 2022, and in the United Kingdom 100% for both years, and has ensured that purchases for 2021-2022 are covered by the current stresses in commodity prices.

Within the adjusted net profit, the impact of the covid-19 in 2020 (203 million euros) and 2021 (123 million), as well as extraordinary items such as the reversal of taxes in Spain, deferred taxes in the United Kingdom or the capital gain that Iberdrola had in 2020 from the sale of the 8% it had in Siemens Gamesa for which he entered 485 million euros.

Iberdrola’s gross operating profit (ebitda) grew by 10.7% in the first nine months of the year, to 8,165 million euros, and was affected by the negative impacts of covid-19 on demand (128 million euros) and gas detraction, which subtracted 114 million, offset by taxes in Spain (417 million).

Iberdrola’s revenues increased in the first nine months of the year by 15.5% compared to the same period in 2020, reaching 27,999.8 million euros.

The project portfolio reached 81,800 megawatts (MW) until September, of which 22,800 MW are from offshore wind, 17,700 MW from onshore wind, 37,000 MW from photovoltaic, 3400 MW from hydroelectric and 900 MW from batteries.

Fixed rate contracts

Iberdrola has said that by maintaining prices for customers with a fixed contract, these consumers have benefited from savings of more than 2 billion euros compared to the cost that the high prices on the wholesale market would have caused them.

The group increased its investment by 6% in the first nine months of the year, to 7,036 million euros, of which 77% was in international markets, while in Spain they amounted to 1,593 million, 21% more than in the same period of 2020.

90% of Iberdrola’s total investment of 7036 million was for new renewable projects, storage and smart grids, where investment increased by 27% to € 3.185 million.

Iberdrola has committed to installing and putting into operation in the period 2020-2025 27,600 MW and in September 2021 22,686 MW are under construction or with a high degree of maturity (82% of the new planned capacity).

Cash flow has increased by 7.2%, to € 6,412.4 million, according to the company, which has a liquidity of more than € 19 billion that covers more than 19 months of financing needs.

Adjusted net financial debt in the period amounted to 37,219 million euros, 6% more than at the end of December 2020.