UK growth helps Iberdrola offset Spanish power drop
Spanish renewables giant Iberdrola this morning said that impressive growth in the UK helped balance out a fall in electricity demand in its home market due to the pandemic.
The firm, which owns energy supplier Scottish Power, that the margins of the its UK business jumped over 40 per cent in 2020.
This was largely driven by the commissioning of the East Anglia One wind farm, Iberdrola’s largest ever asset of this type.
It has 714 megawatts of renewable capacity, enough to power 630,000 homes.
The jump meant that Iberdrola hit analyst estimates of €3.6bn (£3.1bn) in profit last year, despite a fall in earnings in Spain.
On the back of this morning’s results, the firm announced plans to invest €150bn on tripling its renewable capacity and doubling its assets by 2030.
Iberdrola has set out a target of operating 95 gigawatts of renewable capacity by 2030, a mammoth amount of power.
By contrast, the International Energy Agency estimated that global renewable capacity hit 200 gigawatts last year.