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Iberdrola net profit falls on energy costs, taxes -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Iberdrola’s turbines that generate electricity are visible at dusk at Moranchon, central Spain’s wind farm. December 17, 2012. REUTERS/Sergio Perez

MADRID, Reuters – Iberdrola, the global leader in wind power (OTC:), reported a 10% drop in net profits on Wednesday. This was after a volatile nine month on energy markets that saw Spain’s home government impose a halt to utilities earnings.

As economies recover from the pandemic coronavirus, power and gas prices rose to new records around the globe. However companies such as Iberdrola claim they are not benefiting as they already lock prices in advance with their customers.

The net profit was 2.41 Billion Euros ($2.8 Billion), which is still below the 2.36 Billion euros consensus estimate, as derived from 10 analyst polls.

($1 = 0.8593 euros)

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