In the first six months of the year, Iberdrola has not only managed to weather the drop in the price of electricity and the fall in electricity demand, but has also emerged stronger, with a historical net profit for the period of 2,521 million euros, a 21.5% more than in the first half of last year.

Not even the new government tax on sector income, for which the utility has paid 216 million euros, has managed to tarnish the good progress of the business. The electricity company chaired by Ignacio Galán has increased its income to 26,263 million, almost 2,000 million more than sales in the first half of last year. It has also widened its gross margin to close to 12,124 million, 23% more than the 9,8689 million in the same period of 2022.

The electricity company chaired by Ignacio Galán has increased its income to 26,263 million, almost 2,000 million more than sales in the first half of last year. It has also widened its gross margin to close to 12,124 million, 23% more than the 9,8689 million in the same period of 2022.

The company has cut its gross investments to 4,555 million between January and June, compared to 4,741 million in the same period of 2022. All in all, if the last twelve months are counted, they would reach 10,544 million, 8% more than, with 93% assigned to Networks (5,061 million) and Renewables (4,745 million). This investment effort is behind a higher net debt, which at the end of June stood at 45,760 million, 3.6% more than the 44,185 million registered at the end of last year.

The gross operating profit (ebitda) grows 17% compared to the first half of 2022, to exceed 7,500 million, thanks to the “solid results in the United Kingdom and in the European Union”. The group has reported that the ebitda has been negatively impacted, by 85 million in ebitda and 55 million in profit, due to a purely accounting effect on part of the regulated wind generation (within the so-called Recore) “as a consequence of the update, by the Spanish Government, of the expected market prices from 2023 onwards”.