Iberdrola's renewable energy production hits 10-year highs in Spain

Thanks to investments in clean energy, the company reached almost 10,500 GWh of clean production in the country during the first quarter, 19.4% more than in the same period last year 
Iberdrola ha instalado más de 1.750 MW renovables en España en los últimos 12 meses
Iberdrola has installed more than 1,750 MW of renewable energy in Spain in the last 12 months
  1. Leading in clean energy 
  2. Commitment to electrification 

Generating energy with clean technologies is a priority for Iberdrola. Thanks to the investments made by the company and its commitment to decarbonisation, Iberdrola's renewable production in Spain has reached a decade high. Specifically, in the first quarter of 2024, the group generated 10,489 GWh with clean energy, an increase of 19.4% compared to the same period the previous year. The company has not had such a positive performance in clean generation in Spain since 2014, when it reached 12,427 GWh.

This positive figure is due to the new installed capacity and the increase in rainfall in the first quarter of the year. On the one hand, Iberdrola has installed more than 1,750 MW of renewable capacity in Spain in the last 12 months, mainly photovoltaic (1,300 MW) and wind (340 MW), which means it now has 21,708 MW of renewable capacity. In addition, hydroelectric reserve levels are close to 80%. 

Leading in clean energy 

Globally, the company has managed to consolidate its record 24,000 GWh of renewable generation in the first quarter of 2024, despite the negative performance of onshore wind, which has been offset by the increase in hydroelectric generation. By country, in addition to the exceptional performance of Spain, the increases in renewable generation in the United Kingdom (+4.3%), Mexico (+5.6%) and the rest of the world (+30.4%) are noteworthy. 

The group's renewable capacity exceeds 42,300 MW - specifically, it stands at 42,387 MW - after adding more than 2,800 MW of new capacity in the last 12 months, as reported by the company to the Spanish National Securities Market Commission (CNMV). Iberdrola has installed more than 1,600 MW of photovoltaic and more than 1,200 MW of onshore and offshore wind power. With this new capacity, Iberdrola will continue to promote energy autonomy, electrification and, consequently, greater energy and economic efficiency for all consumers. 

The sale of 8,500 MW of combined cycle plants in Mexico was also a highlight of the quarter. 

Given the company's commitment to renewable energies, the Group generates 100% emission-free energy in countries such as the United Kingdom, Brazil, France, Italy, Germany, Poland, Portugal, Greece, Romania and Bulgaria. Emission-free production reaches 92% in Spain.  

Commitment to electrification 

Last March, Iberdrola presented its new strategic plan 2024-2026, in which it has committed to invest 41,000 million euros to boost the electrification of the economy.

Of this investment, 60% will be earmarked for networks, which will become a new growth vector for the Group. Investments in renewables will account for 30% of the total, mainly focused on offshore wind. And storage is becoming a strategic technology to stabilise market prices and avoid volatility in margins. For this reason, it intends to allocate 1.5 billion euros, which will allow it to reach 120 million KWh of storage capacity through pumping in 2026, an increase of 20%. In addition, the group has an additional portfolio of 150 million kWh.