Records are made to be broken, and that's what Iberdrola set out to accomplish in 2019. Even though the renewable energy unit got slightly in the way, the Spanish power company surpassed its prior results.

Profit grew by 13 percent, landing at EUR 3.41 billion, while Iberdrola's earnings before interest, taxes, depreciations and amortizations for the first time ever exceeded EUR 10 billion. More specifically, they came to EUR 10.1 billion, up EUR 800 in rounded figures.

Revenue also surged by EUR 1.4 billion and came to EUR 36.4 billion.

"These results reflect the company's broad strategic vision and our ability to deliver, which has made it possible for us to be 20 years ahead of the current energy transition," says Iberdrola Chief Executive Ignacio Galán in a statement on the annual report.

Despite the 20-year head start, Iberdrola's renewable energy division dipped 2.4 percent in EBITDA to EUR 2.38 billion, a decline the utility attributes to a smaller domestic hydroelectric output. Here, generation dived an entire 31.8 percent and couldn't be offset by the 7.2 percent surge in wind power output.

Iberdrola informs that its global prices for green electricity averaged at EUR 67.7 per MWh and were in line with the preceding year's rates.

The utility currently has almost 32 GW in installed renewable capacity.

The main contribution to the financial year's result came from the network business, which grew 7.1 percent and booked an EBITDA result of EUR 5.26 billion, thereby accounting for more than half of the aggregated operating result.

Iberdrola's generation and distribution division also went forward, with EBITDA up a whole 21.1 percent to EUR 2.46 billion. The UK's price ceiling weighed down on this result but was offset by growth in Spain and Mexico. EBITDA in Spain increased by 51.8 percent to EUR 1.55 billion.

Invests EUR 10 billion

During 2019, Iberdrola invested EUR 8.16 billion, up 32 percent from the year prior.

44 percent of this went to networks and 41 percent into renewable energy, adding a combined effect of 5.5 GW relative to the preceding year. The average volume of annual new capacity installation from years leading up to 2019 was around 1 GW.

Iberdrola also disclosed that it is currently developing 9 GW in Spain, Portugal, the US, the UK, Mexico, Brazil as well as new markets like Australia. These projects are set to be commissioned in 2021 or 2022.

The aggregated project pipeline currently contains more than 40 GW, however, this figure entails projects in varying stages of development.

The utility, though, has plans to boost its investments and will thereby spend EUR 10 billion during 2020, and Iberdrola expects these ventures to produce approximately 4 GW.

English Edit: Daniel Frank Christensen

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