The company reported Ebitda of €16.8 billion in 2024, up 17% year on year. Its net profits also grew by 17%, reaching €5.6 billion for the year.
It attributed this growth to higher production with better prices.
Iberdrola also made record investments of €17 billion in, an increase of 5% from the previous year. Around 70% of total investment was directed to its subsidiaries in the UK (Scottish Power) and the US (Avangrid), the company added.
Outlining the company’s 2024 financial results, chairman Ignacio Galán said the strategy of focusing new investments on grids and transmission infrastructure was paying off, and he expected it to continue in the coming years.
“With electrification driving growth in demand across all of the countries Iberdrola serves, this strong set of results delivers ahead of our strategic plan. We are continuing on this path through our focus on network investments in the US and the UK, using the proceeds from fossil-fuel divestments to accelerate growth in both markets,” he said.
Galán added during an investor call that the company’s performance last year reflected strong growth across its operations and locations, electricity production from an additional 2.6GW of renewables capacity, and deals Iberdrola made last year to sell new renewable power on its books to some of the world’s largest companies, including Meta, Microsoft and Amazon.
Continuing US demand
The Iberdrola chairman also responded to questions about the company’s operations in the US, where the federal government led by President Donald Trump has demonstrated increasing hostility to new renewable energy development, singling out wind power for particular animosity with a freeze on new federal permits for wind projects.
Galán was bullish about the company’s situation despite the new political landscape.
“We have almost $40 billion in assets, we have a presence in 24 states, we have distribution networks in New York, Connecticut, Maine and Massachusetts. In these 20 years [in the US], we have increased investment during all administrations," he said.
“I’m sure it will work well with the new [administration]. In fact, since the change of administration we have already committed around $4 billion to this country. I think it is something certain: the demand in the US [will] continue growing more than ever, and investments in grids and in power are more needed than ever. So I think that is why the networks which are not dependent on federal authorities but dependent on the states are encouraging us to invest more and more to provide electricity that citizens require.”
.png)
.png)
