Iberdrola's investment plan allowed for the company's renewable operating capacity to grow over the six-month period and it now exceeds 35,600MW. In the last 12 months, Iberdrola has commissioned 2,960MW of new green capacity, of which 1,950MW are onshore wind, 930MW solar photovoltaic and 80MW battery storage.
In the first half of the year, Iberdrola made investments of €4.9 billion, 37% more than in the same period of the previous year. More than 90% of investments were allocated to renewables activities (45%) and smart grids (46%). By markets, more than half went to the USA (27.1%) and Spain (25.4%). Investment in the Iberdrola International business area grew and represented 17.2% of the total, while Brazil received 14.5% and the UK 12%.
Between January and June 2021, the company achieved a gross operating profit (Ebitda) of €5.44 billion (+10.2%) 85% of the total came from networks and renewables with 80% generated in countries with A rating.
Renewables saw its Ebitda in the period rise by 63%, to €2 billion, driven by the increase in production, greater installed capacity provided by its investment plan and higher load factors.
Generation and Supply recorded an Ebitda of €803.3 million (-40.9%) and was mainly impacted by high prices in the Spanish electricity market, the impact of Covid and the effects of Filomena storm (Spain) and the cold snap in Texas (United States).
Adjusted net profit in the first six months grows 8.4% to at €1.84 billion.