Iberdrola broke investment record in 2023 and improved bottom line — EnergyWatch

Iberdrola boosted its results in 2023 with record-breaking investments.

In total, Iberdrola invested EUR 11.38bn in 2023, mainly in electricity grids and offshore wind projects.

The investments also meant that the company’s renewable energy capacity increased by 3.25 GW to 42.2 GW. 

”After a year of record investments, our enhanced financial solidity means we will continue to invest significantly in the energy transition in 2024. New investment frameworks in networks and our offshore wind projects under construction will help us to deliver strong and profitable growth for the year,” said CEO Ignacio Galán in a statement accompanying the results.

Iberdrola’s operating profit, EBITDA, reached EUR 14.4bn, an increase of 9%, while the bottom line showed a profit of EUR 4.8bn. This is an increase of more than 10%.

However, Iberdrola saw a slight drop in revenue from approx. EUR 54bn to EUR 49.3bn.

As the CEO explains, the plan is to continue to grow. Therefore, EUR 12 bn will be invested during 2024, which should make the bottom line grow by between 5 to 7%.

(Translated using DeepL with additional editing by Catherine Brett)