Iberdrola recorded a net profit of €3.1 billion (~$3.07 billion) in the first nine months (9M) of 2022. The net profit rose 29% year-over-year (YoY), driven by strong international performance and a 14 % increase in investments.

Iberdrola invested €7.6 billion (~$7.52 billion) globally in 9M 2022 and a total of €10.5 billion (~10.38 billion) in the last 12 months. Around 90% of investment was allocated to renewables and smart grids to accelerate electrification and energy independence from fossil fuels.

The earnings before interest, taxes, depreciation and amortization (EBITDA) for 9M 2022 stood at €9.53 billion (~$9.42 billion), a 17% YoY increase. The increase is attributed to a higher asset base in all its operating geographies and tariff increases in the U.S. and Brazil.

The company registered a revenue of €37.9 billion (~$37.48 billion) in 9M 2022, a YoY increase of 35%.

The installed renewable capacity at the end of 9M 2022 stood at 39,165 MW, a YoY increase of 4.8%. Solar installations constituted 3,723 MW, a massive YoY increase of 28.5% from 2,897 MW in 9M 2021, and the onshore wind installations stood at 19,869 MW, a YoY increase of 4.4%.

The company saw a strong operating performance in all countries except in Spain, where net profit decreased by 14% due to the negative impact of gas prices on the power market, driving higher costs that were not passed to customers, and different regulatory measures implemented.

Iberdrola announced that it would develop 16 new renewable projects in the UK after guaranteeing their profitability by obtaining Contracts for Difference (CfD) with the UK government that ensures their financial viability. Through ScottishPower, its UK subsidiary, the Iberdrola group won CfD contracts for its large 1,400 MW East Anglia three offshore wind projects; five onshore wind projects with a combined capacity of 396 MW; and ten solar PV sites with a total capacity of 326 MW. The implementation of these initiatives would be carried out in Scotland, England, and Wales.

Along with bp, Iberdrola announced that it would jointly invest up to €1 billion (~$1.02 billion) to deploy 11,000 fast charge points across Spain and Portugal.

The company signed a long-term power purchase agreement with PepsiCo to supply 590 MW of solar power to Pepsico’s facilities in Spain and Portugal. Effective January 1, 2023, Iberdrola is expected to supply 100% renewable energy to 11 facilities of PepsiCo, including the production plants in Spain and another snacks plant based in Carregado, Portugal.

In Portugal, the company also inaugurated its 1,158 MW giga battery with an investment of more than €1.5 billion (~$1.48 billion). It is expected to help avoid importing more than 160,000 tons of oil annually.

Avangrid, a member of the Iberdrola Group and Sempra Infrastructure, entered an agreement for the potential joint development of U.S. green hydrogen and ammonia projects powered by renewable sources.

In Australia, Iberdrola started commissioning its 317 MW wind-solar hybrid project. Located in South Australia, it combines 210 MW of wind power with 107 MW of photovoltaic power and has required an investment of A$500 million (~$320.8 million).