Bankinter | Iberdrola is preparing a bond issuance in Brazil. The Spanish company’s aim is to secure financing for its Brazilian subsidiary’s new investments. Among these investments, the adjudication of network projects valued at €1.380 billion stands out.
Endesa and Iberdrola will next month begin to receive the first gas tankers from the Corpus Christi gas liquefaction plant, after this installation received the necessary permits for putting into function its first convoy. In this way, both Spanish companies put in action agreements of above 10 billion euros for the purchase of gas over the next 20 years.
The National Markets and Competition Commission (CNMC in its acronym in Spanish) is processing a circular so that all energy companies which supply electricity, gas and hydrocarbons meet six ratios which constrain their level of debt and dividends in relations to the volume of assets, cash flow, EBITDA or financial costs.
Iberdrola and the Japanese car maker are preparing a joint project to develop the chargers for electric cars, thanks to the intelligent networks infrastructure of the Basque electrical company. The final objective is that Iberdrola’s networks should support the charging for Nissan’s electric cars, for whom the “Nissan Leaf Zero Emission” is its main bid for an electrically powered saloon.
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.