The Spanish utility agreed to modify the initial agreement to sell part of the electricity power stations of its subsidiary Scottish Power to Drax Group. This firm sought to renegotiate the contract following an European Court of Justice ruling that declared illegal the payments to some UK stations to guarantee the capacity of electricity generation in the country.
Iberdrola began operations yesterday in the maritime wind farm Wikinger in the waters of the Baltic in Germany, which supposes the first maritime wind power project built by the group on its own, with an investment rising to 1.4 billion euros. With an output of 350MW, this wind farm represents the first phase in a larger wind power complex, of 836 MW and with a joint investment of 2.5 billion euros.
Even though Iberdrola reported net profits of €2.09 Bn in the first nine months of 2018, which means 13.5% less than in the same period of 2017, the group’s net ordinary profits, excluding extraordinary incomes, represented 38% more up to €2.05 Bn. The company also explained its hydroelectric and nuclear assets are not completely amortised.
Blackrock, the largest fund manager in the world, has raised its holding in the electricity company to 5.008% from the 4.998% it held, and remains the second largest shareholder behind the sovereign wealth fund Qatar Investment Authority (QIA).
Link Securities |Iberdrola has announced an investment of R$ 3 billion – around 696 million euros at the current exchange rate – over the next five years in electricity distribution networks and wind farms located in the state of Rio Grande do Norte in Brazil.
Spain’s energy market authorities has published an economic-financial analysis of the energy transport activity which Red Eléctrica carried out during the period 2013-2016. In this report, it has recommended a downwards revision to the financial remuneration rate for electricity transport for the next regulatory period beginning 1 January 2020.
The three big electricity companies with operations in Spain, namely Iberdrola, Gas Natural Fenosa and Endesa, earned 5.627 billion euros in 2017, up 3% from a year earlier.
Cepsa wants to open up a gap for itself in the sector for commercialisation of residential electricity and gas, with the aim of grabbing a 1o% share over the coming years. It will thus become one of the four main operators along with Endesa, Iberdrola or Gas Natural Fenosa.
In 2016, the electricity system registered a surplus of 421,45 million euros, according to the final figure for the year released by The National Commission on Markets and Competition (CNMC in Spanish).
Iberdrola has asked the Energy Minister to authorise the closure of its thermal power plants in Lada, Asturias and Velilla in Palencia, the only two operational coal power plants the group has left. With their closure, it will conclude the process of shutting down its thermal plants across the globe.