Spain’s electricity giant Iberdrola saw renewables sales jump 28 percent thanks to a rise in production of wind, hydro and to a lesser extent solar energy (PATRICIA CASTELLANOS)
Madrid (AFP) – Spain’s electricity giant Iberdrola said Wednesday its 2018 net profit rose 7.5 percent to 3.01 billion euros, its best-ever result, thanks to a boost in its wind and hydro energy output.
“It is the first time the group’s earnings have exceeded three billion euros,” the Bilbao-based group said in a statement.
Turnover rose 12.2 percent to 35.1 billion euros ($39.8 billion), it said.
Sales in the company’s renewable energy branch, meanwhile, rose 28 percent thanks to a rise in production of wind, hydro and to a lesser extent solar energy.
Gas and coal production dropped last year.
The production of hydroelectricity in Spain and Portugal soared 74 percent compared to a particularly dry year in 2017.
In Brazil, where Iberdrola owns dams, demand increased.
Iberdrola CEO Ignacio Galan said the profit generated “encourages us to continue pushing for the transition to a low carbon economy”.
“The fight against climate change is an opportunity,” he added in a statement.
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