Spanish energy company Iberdrola's net profit increased by 27 percent to €1.367 billion in the first half of 2017, compared to the same period of 2016, the company said on Wednesday.
Iberdrola said the increase is due to positive performance of international business, the growing return from the €20 billion invested over the past five years, improved efficiency and the normalization of operating conditions in core markets.
In addition to the €20 billion invested over the past five years, Iberdrola's net investments amounted to €2.478 billion in the first half of 2018, with 42 percent of the total allocated to networks, 36 percent to renewables and 22 percent to generation and supply, in line with the group's strategy of focusing on regulated businesses with predictable returns.
"Thus renewables earnings grew by 25.5 percent, networks 20.7 percent, generation and supply 1.7 percent," the company said. Iberdrola also installed 423 megawatts of renewable capacity between the months of January and June.
In the second half of 2018, the company plans to commission another 2,326 megawatts of new capacity, out of which 537 megawatts will be for renewables and 1,789 megawatts for gas combined cycles in Mexico.
(Anadolu Agency)
