Spanish utility Iberdrola Renovables reported a three-percent drop in total net profits for 2010 despite a 16-percent increase in their renewables sector after the global economic crisis hit its gas business.
Iberdrola’s net profits dipped to 360 million euros ($495.76 million) in 2010 from 468 million euros in 2009 mainly due to setback in its gas sector in the United States.
The company’s group earnings before interest, taxes, depreciation, and amortization improved by 9.8 percent to 1,455.7 million euros.
But the net profit and Ebitda of Iberdrola in renewables alone rose respectively by 15.5 to 380.4 million euros from 329.4 million euros and by 19.4 percent to 1.45 billion euros from 1.21 billion euros.
In 2010, delivery of renewables was 57 percent of the total 44.45-gigawatt installed capacity. The production capacity of all these installations reached 115 terawatt-hours with a twofold increase in hydroelectric inventories and 20-percent increase in wind.
Iberdrola said the increase in figures reflects its expansion abroad, which put in 700 million euros in gross income and represents 48 percent of the total.
About 39 new wind facilities went online in eight countries with a combined capacity of 1.78 GW, lifting total capacity to 12.53 GW, said Iberdrola.
Most of the increase in generation came from the United States with 9.82 terawatt-hours, a 20.8-percent increase compared to the 2009 figure.
Iberdrola said its $1-billion grant from the United States government was the largest amount of incentives awarded so far to a renewable energy company.
Generation capacity in the United Kingdom increased by 7.7 percent to 20.24 terawatt-hours and in Latin America in countries such as Mexico and Brazil by 1.7 percent to 28.53 terawatt-hours.
Aside from Iberdrola’s current 50-MW installed facility in Brazil, it recently won a 258-MW project in the country. Iberdrola said its 106-MW installed facility in Mexico is set to double in 2011.
