Iberdrola EBITDA from renewable energy rise 2.5% in Jan-Sep 2013

Oct 23, 2013 - The earnings before interest, tax, depreciation and amortisation (EBITDA) of Spanish power utility Iberdrola (MCE:IBE) from renewable energy business grew by 2.5% on the year to EUR 1.211 billion (USD 1.667bn) in the nine months to September 2013, the company said today.

The increase was registered although taxes imposed on the sector in Spain went up by 3.5 times. Iberdrola expanded its activity in the green energy sector mainly thanks to a 6.4% rise in production and a cost control which led to a 3.4% fall in net operating costs.

Gross profit from renewable energy activities increased by 5.4% in the period to EUR 1.759 billion. Operating capacity reached 13,857 MW with newly installed capacity exceeding the assets that Iberdrola sold in nine months.

On the other hand, Iberdrola suffered a negative impact of EUR 1.01 billion due to regulatory measures approved in Spain and in other countries. Some EUR 363 million of that sum was for Iberdrola's generation and supply activity in Spain, EUR 79 million for power grids and EUR 61 million for renewable energy business.

(EUR 1.0 = USD 1.376)

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