Iberdrola's renewable energy production hits record highs in the first half of the year
In line with its commitment to clean energy generation, Iberdrola has set its record highs in renewable production in the first half of 2024. Thanks to the investments made by the company and its commitment to decarbonisation, the group's renewable production has exceeded 45,000 GWh worldwide - specifically 45,181 GWh - an increase of 5.3% compared to the same period last year.
This excellent figure is due to the new installed capacity (in the last 12 months Iberdrola has installed almost 3,100 MW of renewable energy), and to the increased production with clean energy, especially with manageable technologies, thanks to the increase in pumped storage.
Leading the way in clean energy
One of the countries that has contributed most to this positive performance has been Spain. The company managed to exceed the 18,500 GWh of renewable generation in the first half of 2024, an increase of 21%, despite the lower production of onshore wind power, which has been offset by the increase in hydroelectric generation thanks to pumped storage. As a result, the level of hydroelectric reserves currently stands at more than 77.1%, even considering the aforementioned increase in production recorded at the end of the first half of the year.
By countries, in addition to the performance of Spain, of note were the increases in renewable generation in the UK (+8%), Mexico (+10%) and the rest of the world (+33.5%).
The group's renewable capacity exceeds 43,400 MW - specifically, it stands at 43,421 MW - after adding almost 3,100 MW of new capacity in the last 12 months, the company informed the Spanish National Securities Market Commission (CNMV) today. Iberdrola has installed 1,891 MW of photovoltaic and 1,046 MW of wind power, mainly offshore. Offshore wind capacity increased by nearly 60% to 2,167 MW thanks to new wind farms in continental Europe (France and Germany), where installed capacity increased 2.5 times thanks to the incorporation of Saint Brieuc (France), the first wind turbines in operation at Vineyard Wind 1 (USA) and the Baltic Eagle (Germany). With this new capacity, Iberdrola will continue to promote energy self-sufficiency, electrification and, consequently, greater energy and economic efficiency for all consumers.
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. In addition, the emission-free production in Spain stands out, reaching 92% of what is produced in our country.
Commitment to electrification
Last March, Iberdrola presented its new 2024-2026 strategic plan, in which it has committed to invest 41 billion euros to boost the electrification of the economy.
Of this investment, 60% will be allocated to grids, which will become the main growth vector for the Group given the investment needs in all our geographic areas to integrate new renewables, improve resilience and quality of service, and continue to incorporate new digital technologies and cover new demand needs (data centres and electric mobility). Investments in renewables will account for 30% of the total, mainly focused on offshore wind. The rest of the investments (1,500 million euros) will be allocated to storage, an essential technology for balancing supply and demand in a system with an increasing penetration of non-manageable renewables. The company will reach 120 million kWh of storage capacity in 2026, an increase of 20%. The group also has an additional portfolio of 150 million kWh.
