Isla Binnie, Reuters

MADRID
EnergiesNet.com 02 23 2022

Global wind power leader Iberdrola (IBE.MC) reported an 8% rise in 2021 profit on Wednesday, as growth in the United States and Brazil outweighed the drag exerted by high power prices on returns from power sales to customers in Spain and Britain.

Iberdrola generates power at wind and solar farms and combined cycle gas plants in Europe and Latin America. It also owns and operates distribution grids and expects to supply power to 60 million customers worldwide by 2025.

European gas and power prices soared last year following similar spikes in Asia as the ripple effects of COVID played havoc with supply and demand. Fears of a conflict in Ukraine involving major supplier Russia have helped keep them high.

The company said it kept customers’ prices fixed, but net profit still came in at 3.88 billion euros ($4.40 billion), higher than an average of six analyst estimates, provided by the company, which predicted 3.77 billion euros.

“Had prices to customers not been maintained, this figure would have increased substantially,” it said in a statement.

Along with fellow European utility Enel Iberdrola has spent decades honing expertise in renewable energy which has set them up well to profit from a global shift to low-carbon power. read more

A building spree that added almost 3.5 gigawatts of solar, wind, hydroelectric and battery capacity during the year helped boost production by 7.9%. One gigawatt is roughly equivalent to the output of one nuclear plant.

Power networks continued to support profits with the regulated returns utilities like Iberdrola have traditionally depended on.

($1 = 0.8819 euros)

Reporting by Isla Binnie, Editing by Louise Heavens from Reuters.

reuters.com 02 23 2022