Iberdrola Q1 Profits Rise by 162 Percent

Spanish energy company Iberdrola has reported a 162 percent rise in net profits to €1,204m for the first quarter, reflecting the incorporation of Scottish Power and renewables performance, says the company.

First quarter electricity production rose by 43 percent to 35,822 million kilowatt hours, of which 39 percent was emission free, while distributed electricity rose from 34,436 to 45,800 million kilowatt hours in the quarter, says Iberdrola.

First quarter results reflected higher prices for fuel, energy and CO2 emission rights and lower hydroelectric production in Spain, according to the company.

Following the integration with Scottish utility ScottishPower last year, Iberdrola says it has 'diversified and expanded' its generation capacity throughout the world ending the quarter with 41,892MW total installed capacity, an increase of 37 percent over the same period last year.

By Ozge Ibrahim