- Iberdrola has improved its net profit to €838 million in the first quarter (+1.2%).
- Ebitda increased by 24% to €2.32 billion.
- The good operating performance of all the businesses offset the negative impact of the exchange rate and resulted in growth across all areas: Generation and Supply (+51.6%), Networks (+17.5%) and Renewables (+13.9%).
- Investments up to March amount to €1.185 billion (+14%), of which 77% was attributed to the Networks and Renewables businesses.
ScottishPower Q1 2018 Results
ScottishPower Renewables
- EBITDA £127.7 M (+£28.7 M; +29.0%)
Increased wind volumes, reflecting both favourable wind conditions and increased capacity, saw 1,684 GWh of renewable electricity generated, an increase of 22.7% on the same period last year. Onshore wind generation was up 32% and offshore generation was up 12%.
Networks
- EBITDA £207.1 M (-£3.4 M; -1.6%)
The returns for SP Energy Networks are on-target as the business delivers the RIIO-ED1 distribution investment programme, which runs until 2023, and the RIIO T1 Transmission investment programme until 2021.
Generation and Supply
- EBITDA £131.7 M (+£93.7 M; +247%)
The Generation and Supply business recovered to a position just below 2016 earnings, following a poor Q1 2017. Ebitda increased to £131.7 million and reflects both improved retail and generation margin positions. This figure still falls below the Q1 2016 figure of £146m. Customer numbers are 5.0 million in comparison to 5.1 million at the year-end 2017.
Commenting on the results, Keith Anderson, ScottishPower CEO, said: “Renewables has performed well, and we can see the benefits of our £650 million investment in new onshore wind that was completed last year. Networks also continues to perform in-line with expectations based on the major investment plans running through in to the next decade. The improvement in Generation and Supply follows a very difficult 2017, which delivered one of the weakest performances for the business in the last decade. The first three months of the year has seen the business recover to a level just below Q1 in 2016. With the price cap pending this year, we still expect a challenging environment for the retail business in 2018.”
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