Iberdrola posted net profit of EUR 827.6 million in the first quarter of 2017, 4.7% down on the same period last year.
Net operating profit (EBITDA) was EUR 1.86 billion, down 8.2% quarter-on-quarter. Renewables EBITDA was EUR 434 million, down 5%. The first three months of the year have seen reduced wind availability in Spain, which makes for 34% of overall figures. However, business progressed well in the UK, US and Latin America, where renewables EBITDA rose 7.2%, 2.8% and 18.9% respectively.
Balance sheet was affected by lower rain and wind resource during the quarter, by increased taxes in Spain and the poor performance of liberalised business in the UK, the company said.
Throughout the quarter, the investment grew by 13.4% to EUR 1.02 billion. Of that amount, 93% was allocated to renewables (46%), networks (37%) and contracted generation (10%). As a result, the company plans to commission a total 2,011 megawatts (MW) in renewables and regulated generation in 2017.
Also, the group currently has a project pipeline of 6,500MW scheduled to be commissioned by 2020, out of which 3,527MW are contracted generation; 1,546MW onshore wind power; 1,064MW offshore wind, and 336 MW photovoltaic solar projects.
Business performance expected for the rest of the year allows the group to confirm growth outlook for the group with improved operating results in the networks, renewables and contracted generation areas.
When it comes to renewables, over the upcoming quarters some 1,400MW of new capacity will be commissioned and wind conditions are expected to normalise.