Iberdrola's reported net profit reached €4.13 billion in the first half of 2024, up from €2.52 billion in the first half of 2023, while reported EBITDA increased to €9.61 billion from €7.56 billion in the same period.
These figures include the Mexico transaction concluded in the first quarter of 2024, contributing €1.72 billion to EBITDA and €1.17 billion to net profit. Recurring EBITDA grew by 9%, reaching €7.9 billion in the first half of the year.
Operating growth was driven by positive tariff adjustments for networks in the UK, US, and Brazil, as well as new installed capacity both onshore and offshore, including the completion of the Saint-Brieuc offshore wind farm in France. Total renewables capacity reached 43,400 MW, with 3,100 MW added in the last 12 months. Notable performance of renewables in Spain saw production exceed 18,500 GWh in the first half of 2024, an increase of 21%. Increased pumped-storage hydro production, totalling 3,000 GWh in the first six months (25% of total hydro production), supported the integration of renewables into the system. Record renewable production drove down emissions in Europe to 26 gCO2/kWh, with close to 90% of total production being emissions-free.
Record investments for the first half of the year reached €5.28 billion, a 16% increase, with purchases exceeding €7 billion. Over 90% of this total investment was directed towards networks and renewables, with the United States as the leading investment destination, accounting for 34% of the total, followed by the UK at 22%. Investment in networks rose by 23% to €2.7 billion, with around 40% allocated to transmission assets, marking a 63% increase compared to the first half of 2023. Renewables accounted for 41% of total investments, amounting to €2.16 billion. The company is currently advancing new offshore wind projects in the United States (806 MW Vineyard Wind 1), the UK (1,400 MW East Anglia THREE), and Germany (476 MW Baltic Eagle and 315 MW Windanker).
As of the end of June 2024, Iberdrola has 2.3 GW of operational offshore wind capacity and is on track to achieve 4.8 GW by the end of 2026, in line with the company’s business plan. The company also made purchases exceeding €7 billion from global suppliers, supporting over 500,000 jobs worldwide. Additionally, tax contributions increased by 20%, reaching €5.3 billion in the first half of the year.
Iberdrola’s global power purchase agreement (PPA) portfolio has grown by 3 TWh in the last year, with new contracts signed in the United States, United Kingdom, mainland Europe, and Mexico. Overall, Iberdrola now has 35 TWh of renewables production sold to top-tier commercial partners through long-term contracts.
