Iberdrola / ScottishPower Financial Results Q1 2019

Iberdrola obtained a net profit of €963.9 million in the first quarter of 2019, an increase of 15% on the same period last year.
Growth in all businesses and the improvement in cost/income ratio achieved in all countries, also allowed the company to increase its gross operating profit (EBITDA) by 11.9% to €2.599 billion.
Revenues increased by 8.5% in the three months to 31 March, reaching €10.138 billion.
Iberdrola’s capital expenditure in the first quarter of the year amounted to €1.2 billion, 87% of which was on Networks and Renewables. Over the past twelve months the company has invested a total of €5.3 billion.
During the first quarter of the year, Iberdrola installed 331 new megawatts (MW), which together with the more than 3,803 new MW scheduled for the remainder of 2019, will bring the total to 4,134 new MW installed over the course of the year.
This new capacity will enable the company to increase its annual production by more than 13%.

ScottishPower Q1 2019 Results

ScottishPower Renewables

EBITDA £166m (+£38.2; +30%)

A combination of increased wind volumes and favourable market conditions in the first quarter led to an increase in Ebitda of £38.2m, +30%.

Networks

EBITDA £216.6m (+£9.6m; +5%)

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.

Liberalised

EBITDA £44m (-£87.6m; -67%)

The Liberalised business EBITDA decreased primarily due to a very mild winter in comparison to Q1 2018 (which saw the ‘Beast from the East’) and the impact of the UK Government’s Price Cap. The disposal of the generation business to Drax also had a small impact.

Commenting on the results, Keith Anderson, ScottishPower CEO, said: "As the UK's only integrated energy company to produce 100% green electricity, we completed the essential journey to decarbonise power generation in January. The strong performance of renewables shows we are delivering what consumers want in access to reliable, clean, lower cost energy. Combined with sustained investment in our Networks business, as it completes vital upgrades essential to bringing on even more green power, we are firmly placed to drive forward the electrification of the UK's economy where it matters most from the decarbonisation of transport and heating."

Supporting Information

To view Iberdrola's full press release and supporting documentation, please click the links below: