Iberdrola's global renewables output drops slightly in Q1 2024

Spanish utility Iberdrola SA (BME:IBE) produced 24,024 GWh of electricity from its renewables around the world during the first quarter of 2024, recording a decrease of 0.3% year-on-year mainly due to a lower onshore wind power output.

Globally, Iberdrola’s onshore wind farms generated 11,844 GWh during the trimester, 4.5% less compared to the year-ago period, according to the company's quarterly energy report.

The output from offshore wind farms and mini-hydro power stations rose by over 15% year-on-year. Solar photovoltaic plants generated 1,158 GWh, as much as they did during the January-March period of 2023.

Power production from renewables rose the most in the market known as Rest of the World (+30.4%) and Spain (+19.4%), followed by Mexico (5.6%) and the UK (4.3%).

Onshore wind power production increased in the UK (6.6%), Mexico (25.9%) and Rest of the World (12.6%), and fell in Spain (-7.1%), the US (-9.4%) and Brazil (-12.1%).

The solar farm output rose in the UK (44.8%), the US (26.2%) and Brazil (6.6%), while declines were registered in Spain (-20.5%) and Mexico (-14.1%). There is no information on solar in the Rest of the World market.

Lastly, offshore wind power production increased by 1.6% in the UK and surged by 56.6% in Rest of the World. Electricity generated during the commissioning of the Vineyard Wind offshore wind farm in the US was not included in the report.

Iberdrola had 42,387 MW of installed renewables capacity at the end of the first quarter, compared to 40,290 MW a year earlier.

Selected figures from Iberdrola’s provisional energy report for the first quarter of 2024 are presented in the table:

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