Monday 26 February 2024

Iberdrola’s profit grows

Iberdrola’s profit grows

Iberdrola has invested €11.38 billion (£9.6bn) in various projects, leading to a net profit of €4.8 billion (£4.1bn), a 10.7% increase.

The company's profit growth is attributed to its integrated business model and disciplined investment strategies, with a focus on expanding renewable capacity through grid and offshore wind projects.

The regulated asset base has reached €42.21 billion (£36.1bn), boosted by an 11% increase in network investment.

Ignacio Galán, Executive Chairman of Iberdrola, said: "In a year of challenging macroeconomic conditions, we have once again maintained our consistent track record of delivering on our guidance, thanks to our integrated business model and our disciplined focus on investment and growth in stable markets.

"After a year of record investments, our enhanced financial solidity means we will continue to invest significantly in the energy transition in 2024."

Written by

Sumit Bose

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