Iberdrola has improved its revenues by 40.4% compared to last year. The company attributes the gain mainly to the recovery from the shortfall of regulated rate SVT in the UK.
Iberdrola posted a net profit of EUR 1,485 million in the first quarter of the year, i.e. 40.4% more than in the same period of 2022, with especially an improvement in results in Spain and the United Kingdom, as reported by the National Securities Market Commission (CNMV) on Wednesday.
Gross operating income (EBITDA) grew by 37.7% to €4.064 million, thanks to the recovery of the SVT regulated tariff deficit in the United Kingdom.
Over the past twelve months, gross investment reached 10.4 billion euros, with more than 90% allocated to the Grids or Renewables activities, of which 30% in offshore wind energy.
On the other hand, in this first quarter of the year taxes have doubled paid by Iberdrola, up to EUR 1,179 million compared to the EUR 583 million paid in the first quarter of last year, mainly due to the new tax of 1.2% applied by the government to sales in Spain.
Source: EITB
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