Iberdrola’s investments reached €12.3 billion ($13.2 billion), mainly in networks and renewables in the US and the UK, in the third quarter in 2024.
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Spain, Madrid: Iberdrola’s investments reached €12.3 billion ($13.2 billion), mainly in networks and renewables in the US and the UK, in the third quarter in 2024. The asset base of the networks business now stands at €47.6 billion, 60% located in the US and the UK. The utility’s renewable energy production is at an all-time high at 63300 GWh in the first nine months of 2024 thanks to new investments. Across its entire business, the utility recorded a net profit of €5.47 billion and EBITDA of €13.27 billion thanks to growth in A-rated countries for Q3 2024.
Ignacio Galán, executive chairman of Iberdrola, commented: “2024 has been a very good year so far for Iberdrola. Strong operational performance has benefited our results, especially in the US and the UK, thanks to record investments. Our continued major investment drive is delivering new renewables projects and regulated assets, and the contribution to results of our increased offshore wind capacity underlines the reason why investment in this technology was a key pillar in our strategic plan. This year we have been delivering against the objectives of our plan to 2026, as well as actively setting the course to strengthen the resilience of the group in the longer term. We are seizing new opportunities in the UK and US and building our pipeline in other strong markets around the world. With the Avangrid and Electricity North West acquisitions progressing as planned, and major new organic investment opportunities in networks and renewables, we will continue with our disciplined growth strategy from 2027 to 2030 and beyond.”
Source: renews.biz
