Thanks to over €4.7 billion of investments in the first part of the year and Iberdrola’s international business, and despite the drop in results in Spain, consolidated net profit grew to €2.075 billion in the first half of 2022, driven by the good performance of international businesses.
Strong growth, mainly, in the United States, Brazil and the United Kingdom, offset the adverse result of Iberdrola Spain, where it recorded a 26% drop, including the effects of high energy prices which have not been passed on to customers with previously agreed fixed prices.
Operating cash flow generated in the first half of the year across the group amounted to €5.56 billion, an increase of 31% over the same period of the previous year.
The company has invested €4.74 billion in the first half of 2022, up 5%, totaling more than €10.2 billion over the past 12 months. Of this amount, 90% was allocated to renewables and smart grids. The group has installed 3,400 MW of new renewable capacity in the past 12 months – 1,241MW solar photovoltaic, 996MW onshore wind, almost 1,000MW of hydroelectric storage and 116MW of batteries. It also has a project pipeline of 95,000 MW, of which 10,800 MW are under construction or secured under long-term contracts.
By country, in Spain, Iberdrola has allocated almost €1.1 billion of investment in the first half of the year, 23% of the total. It also invested €1.24 billion in the United States, €837 million in Brazil, €801 million in the United Kingdom, €153 million in Mexico and €619 million in the rest of the countries.
