Iberdrola Records Net Profits As Wind Capacity Rises In The U.S.

Iberdrola Renewables recorded a net profit of 171.9 million euros in the first quarter of this year, an increase of 10.1% over the same period last year. The company's operating capacity rose 16.6% to 12,584 MW, with 61.4% of the increase corresponding to new capacity in the U.S.

Iberdrola produced 7,636 kWh in the quarter, an increase of 12.1% that was driven largely by strong performance in the U.S. wind business, where output rose 47.9%.

By country, Spain accounted for 50.4% of earnings before interest, taxes, depreciation and amortization, the U.S. accounted for 25.7% and the U.K accounted for 7.7%.

Solid business performance in renewable energy and improved prices in most markets where the company operates contributed to a 13.2% rise in strong cashflow generation to 378 million euros.

Iberdrola currently has 1,030 MW under construction worldwide.