Iberdrola earns 3,637 million, 17% more, due to more production and lower energy purchases

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Iberdrola increased its net profit by 17.2% until September compared to the same period last year, to 3,637 million euros, thanks to higher production and lower energy purchases.

As reported this Thursday by the electricity company to the National Securities Market Commission (CNMV), the gross operating result grew by 13.2%, to 10,783 million eurosin the first nine months of the year, including the annual impact of the new 1.2% tax on sales in Spain, of 213 million, and other smaller effects, such as the higher hydroelectric fee and the higher expense in the social bond .

The company, which has announced that after reaching the floor of dividing for 2025 it will increase it on account in 2023 by 11%, to 20 euro cents per share, it has improved its net profit forecasts for the year to double digits, excluding any additional capital gains from asset rotations.

Iberdrola has reported that its gross investments reached 10,842 million euros in the last 12 months, with a growth in the regulated asset base (RAB) in the network business of 9%, up to 41,200 million, installing 3,100 megawatts ( MW) renewables in the last twelve months, up to a total of 41,300 MW.

The turnover decreased by 1.9%, to 37,193 million euros, while the net operating expense stood at 4,340.6 million, 14.5% more, due to the effect of the excess provision for pensions recorded in 2022 in the United States and the impact of the cancellation of the Park City Wind and Commonwealth Wind projects.

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