The energy group Iberdrola saw its profits increase by 36% in the first half, despite a decline in its results in Spain, where the presence of fixed tariffs did not allow it to fully pass on the rise in costs.
The Spanish giant, one of the world leaders in renewable energies, earned 2,07 billion euros in net profit between January and June, against 1,53 billion in the first half of 2021. Its turnover for its part increased by almost 30%, to 24,4 billion euros.
These figures are higher than the forecasts of analysts polled by the financial information provider Factset, who expected 21,1 billion in turnover and 1,99 billion in profits.
According to Iberdrola, this good momentum is explained by a favorable effect of exchange rates linked to the depreciation of the euro, and by strong growth in its results in the United States, the United Kingdom and Brazil, in a context of soaring energy prices.
In Spain, the energy group, on the other hand, saw its profit fall by 26% over one year. This is explained in particular according to Iberdrola by the surge in its supply costs, which was not passed on to its customers benefiting from fixed tariffs.
These results come as Madrid announced the introduction next year of an exceptional tax on the profits of large energy companies, which will allow the state to recover two billion euros per year in 2023 and 2024.
This measure, intended to compensate for the support measures put in place in recent months in the face of soaring inflation, was criticized by Spanish employers, who considered that it could reduce the investment capacities of the groups concerned. .
Over the first half of the year, Iberdrola said it invested 4,74 billion euros, the vast majority to develop its renewable energy production capacity. The group specifies that it expects an "acceleration" of investments during the second half of the year.
Over the past 12 months, Iberdrola has installed 3.400 megawatts (MW) of renewable energy worldwide, including 1.241 MW in the photovoltaic sector, 996 MW in wind power and 998 MW in hydroelectricity.
