- Published: 21 October 2020 21 October 2020
Iberdrola increased its net profit by 4.7% to €2.68 billion in the first nine months of the year and maintained an increased rate of investment, reaching €6.64 billion, 23% more than the same period last year.
These investments allowed the group to add 4,600MW in the last year, of which 1,300MW have been installed in the third quarter of 2020, and to continue progressing in the construction of 7,600MW. At the end of September 2020, the company added 14,000MW to its pipeline - approximately 90% of which is offshore wind.
Investments in renewables grew by 52% as of September and represent 54% of the total invested in the period, while those for networks increased by 5.5% and account for 38% of the total.
At September, adjusted gross operating profit (EBITDA) rose by 3.2% to €7.56 billion. The performance of the business, which includes the COVID impact of €216 million, was supported by the increase in the installed renewable capacity and the operational performance of the renewables business and the generation and supply business.
By business, EBITDA in renewables increased by 5.6% to €1.77 billion, driven mainly by the United Kingdom and the United States, as well as an increase in operating capacity of 7.4% to 29,175 MW and total installed capacity to 33,701 MW. The generation and supply business showed growth of 10.3% and achieved EBITDA of €2 billion. Networks, for its part, impacted by COVID-19 and weather events in the United States, saw a reduction in EBITDA of 10.7%, to €3.52 billion.