Energy
Iberdrola Earnings Climb 23% on Growth in Power and Retail
- Spanish hydroelectric generation has been particularly strong
- Utility raises full-year guidance for net income to 14% growth
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Iberdrola SA reported a 23% jump in profit, reflecting a robust performance in power generation and retail, and raised full-year guidance.
The Spanish utility has benefited from higher electricity production — with hydro output particularly strong — as well as a drop in procurement costs for natural gas. Power prices also picked up during the past six months, while an expansion of Iberdrola’s regulated grid business promises steady returns.