Iberdrola posts Q1 profit

Spanish utility company Iberdrola posted a Q1 profit of EUR 828 million on Wednesday, saying it had increased its investments by 13.4% to EUR 1.02 billion over the first three months of the year.

Net profit was down some 4.7% year-on-year, a drop the company attributed to adverse weather in Spain, which set back its hydroelectric production by 44% and other renewable energy output by 12%.

Nevertheless, some 46% of new investment was allocated to renewables, Iberdrola said in a statement. Net profit from renewables was also up slightly year-on-year, at EUR 139.3 million vs EUR 136.3 million in Q1 of 2016, driven by strong performance in the UK, the US and Latin America.

“The company expects to offset lower figures reported in the first quarter as the year progresses, in line with estimates,” the company statement added.

In its press release, Iberdrola also highlighted the contract for the Topolobambo III combined-cycle power plant project in Mexico this past quarter, which by 2020 should raise the company’s installed capacity in the market to 10 GW.