Iberdrola posted net profit of € 827.6 million in the first quarter of 2017, (4.7% down on the same period last year). Net operating profit (Ebitda) attained € 1.86 billion (-8.2%). In particular, Ebitda was supported by the networks business performance whose contribution rose by 9.1% to € 1.02 billion, benefiting from US operations.
Balance sheet was affected by lower rain and wind resource during the quarter, by increased taxes in Spain and the poor performance of liberalised business in the UK. Throughout the quarter, investment grew by 13.4% to € 1.02 billion. Of that amount, 93% was allocated to renewables (46%), networks (37%) and contracted generation (10%). As a result of its investment strength, the company plans to commission a total 2,011MW in renewables and regulated generation in 2017. Also, the group currently has a project pipeline of 6,500MW scheduled to be commissioned by 2020, out of which 3,527MW are contracted generation; 1,546MW onshore wind power; 1,064MW offshore wind, and 336MW photovoltaic solar projects. The main business highlights between January and March include: in networks, progress on the subsea cable between Wales and Scotland; and, in the renewables area, installation of all jackets plus 12 turbines at Wikinger offshore wind farm and commissioning of new onshore wind facilities in the UK, US and Brazil.