Iberdrola net profit improves following renewable investments

The company’s net profit increased by 8% in 2021

Big Zero Report 2023

Iberdrola’s 2021 net profit increased by 8% from the previous year due to heavy investment in renewables.

Investments of €9.94 billion (£8.3bn) – with 90% attributed to renewable capacity – took the company’s net profit to €3.88 billion (£3.2bn).

The Spanish utility installed 3,500MW of renewable capacity in the last year, with capacity under construction at 7,800MW.

Spain and the US accounted for more than half this investment, with a total of €5.1 billion (£4.2bn) being spent in these two countries.

The company has also closed all its coal-fired plants, in its aim to become carbon-neutral by 2030.

Ignacio Galán, Chairman, said: “These results reflect the success of a sustainable model and encourage us to continue working towards the decarbonisation of the economy.”

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