Renta 4 | Iberdrola, via its US subsidiary Avangrid, has requested a one month suspension on the project Park City Wind in Martha’s Vineyard. This is due to the impact on the viability of the park of the global energy crisis, the hikes in interest rates and the increase in raw materials’ costs, according to the press. The project was assigned in 2015, with a planned investment of 3.5 billion…
Iberdrola will sell a stake of up to 49% of East Anglia Three, its largest offshore wind farm in the world, located in the southern North Sea off the coast of the United Kingdom. According to elEconomista.es, the electricity company has just started the process, through which it intends to incorporate an international fund in the project’s capital. The infrastructure, which has just begun construction, will have an installed capacity…
Renta 4 | According to the press, Iberdrola (IBE) would have hired Barclays for the sale of a 49% stake of 1.200 MW of renewable projects, 80% of which are solar and the remaining 20% wind (200 MW already in operation). This move would be aimed at incorporating a strategic partner in the business and obtaining financing to continue developing its investments, without putting pressure on its balance sheet. (The company…
Banc Sabadell | The Royal Decree on energy has been approved and the electricity companies are still asking that in Spain profits are taxed and not revenues. Yesterday the Cabinet approved the Decree which includes: Cut in VAT on gas from 21% to 5% up to December (which could be extended until 2023). Application of the “Iberian exception” to co-generation plants (600 installations) Service mechanism for rapid demand response, allowing industries…
Morgan Stanley | Despite Gazprom cutting the gas supply via Nord Stream 1, Martijn Rats (our Commodities strategist) believes that rationing will not be necessary this winter. However he warns that Europe could enter winter 2022-24 with inventory levels which are too low. In response to this, the European Union has suggested introducing different measures: Limit the price of electricity for the “fixed cost” energy generators, 2. Limit the price…
Alphavalue | Iberdrola (Reduce, Target Price €11,4 ++/share): The Court of Justice in Maine (US) has dismissed the referendum which was blocking Iberdrola’s clean energy connection project New England Clean Energy Connect (Necec). It is being developed by the Spanish company’s US subsidiary Avangrid.
Alphavalue | Iberdrola (Reduce, TP €11,5 ++) : Iberdrola’s share price rose 0.37% yesterday, despite the criticisms received in France after the Spanish utility decided to terminate power contracts with thousands of its customers there. It cited high energy costs. Let’s not forget that Iberdrola has lodged a complaint against France with the European Commission, regarding supposed state aid to EDF (reduce, TP 11,8 ++) for over 5 billion euros….
Morgan Stanley |The climate legislation in the US is improving the profitability outlook for investments in clean energy, since countries are competing for capital and accelerating the new energy ambitions in the wake of the global energy crisis. Previously, the US was the top destination for capital. However, the gas crisis in Europe has changed the preference for assignation of capital of those companies in our coverage: a: 1) Europe,…
Norbolsa | Iberdrola (IBE) has won Contracts for Difference (CfD) for 16 renewable energy projects in Scotland, England and Wales via a renewables auction in the UK. The company obtained a contract for the offshore wind farm East Anglia Three for 1.400 MW, five onshore wind projects for a total of 396 MW and ten solar photovoltaic sites for a total of 326 MW. In this way, Scottish Power has ensured…
Link Securities | Iberdrola has committed to maintaining its planned 3 billion pounds (some 3.5 billion euros) investment in the UK. This is despite the new regulatory framework proposed for network operators in the country which limits profits, according to a report in Expansion. The Spanish electricity company explained on Thursday that it plans to continue to drive energy transformation in the UK as part of its transition towards an…