Spain’s Iberdrola Profits Plunge

21 July 2009 (Last Updated July 21st, 2009 18:30)

Spanish energy group Iberdrola's earnings fell 23% in the first half of the year to €1.5bn compared to a year ago, the company has announced. Iberdrola said the decline was due to a fall in demand in all its markets as well as falling prices and exchange rate changes between the euro an

Spanish energy group Iberdrola's earnings fell 23% in the first half of the year to €1.5bn compared to a year ago, the company has announced.

Iberdrola said the decline was due to a fall in demand in all its markets as well as falling prices and exchange rate changes between the euro and the pound.

Iberdrola is a world leader in renewable energy. The company purchased Scottish Power in 2007.