Iberdrola increases its renewable production by 11% in the first quarter, driven by investments in "clean energy"
Iberdrola's investments in renewables have enabled it to increase the group's energy production and installed capacity in the first quarter of the year. This is reflected in the data sent to the CNMV, which shows an 11% increase in the group's overall renewable production, reaching 24,137 gigawatt hours (GWh) in the first quarter of the year.
The company surpassed 40,000 MW of green installed capacity - specifically, it reached 40,344 MW - an increase of 5.3% in the first quarter compared to the same period last year. Total capacity stood at over 61,000 MW. Iberdrola remains committed to renewable energies as the only way to reduce dependence on fossil fuels and promote energy self-sufficiency, which is so necessary at a critical time like the present. By technology, photovoltaic capacity increased by 40% to 4,576 MW, due to new installations in Australia, Spain, the United States and Brazil. Onshore wind is up 4% to 20,202 MW.
This greater contribution from renewables can also be seen in the breakdown by country. Spain is the country where most renewable capacity has been installed in the first quarter compared to the same period last year: it has 644 MW new in this period -mainly photovoltaic-, which contributes to placing the country as one of the most important 'green' powers in Europe with 19,953 MW of renewables. Brazil had 549 MW of new capacity at the end of the first quarter of 2023, thanks mainly to the development of the Oitis wind farm and the Luzia photovoltaic plant. In the United States, the company has 8,722 MW, having installed 357 MW of renewable energy, including the Oregon photovoltaic farm with more than 200 MW. In the rest of the countries, 489 MW of green power have been installed, with Australia's contribution standing out with 250 MW of new capacity.
One of the cleanest farms in the world
The greater contribution of renewable energies has led Iberdrola to increase its emission-free production ratio to 84%, a percentage that in the case of Spain rises to 90%. Thus, the group maintains its levels about two thirds lower than those of its European competitors.
In terms of installed capacity, the investments made by the company mean that more than 80% of its own power is emission-free, a percentage that exceeds 90% in countries such as the United States and Brazil and remains at zero in the United Kingdom, where it is 100% green.
Commitment to energy autonomy
In this commitment to continue contributing to self-sufficiency and decarbonisation in the countries in which it operates, the company assured at its Capital Markets Day that it will reach 52,000 MW of renewable energy by 2025. To this end, it will install 12,100 MW of new green power by 2025 - 3,100 MW of onshore wind, 6,300 MW of photovoltaic, 1,800 MW of offshore, 700 MW of batteries and 200 MW of hydro. The group has already secured 50% of the new capacity and around 95% of the production will be contracted by 2025.
By 2030, the outlook presented at the Capital Markets Day anticipates a "green" generation capacity of 80,000 MW, with a total portfolio of 100,000 MW. To achieve these figures, the company has committed to invest 17,000 million euros between 2023-2025, in high quality projects with the best risk/return ratio. Of this amount, 46% will be focused on offshore wind in France, Germany, the United Kingdom and the United States. In the remaining technologies, onshore wind will account for 25% of investment, PV 24%, hydro 2% and batteries 3%.
