UK Wind Conditions Affect Iberdrola’s 2016 Results

Even though Iberdrola’s overall gross operating profit (EBITDA) improved by 5.5% in 2016 compared to the year before, the company yesterday reported an 8.9% decrease in its renewables business EBITDA, driven by weaker performance in the UK due to foreign exchange and lower wind resource throughout the year.

Around 60% of Iberdrola’s operating capacity (27,417MW) comes from clean generation sources and it has a further 7,000MW under construction, including onshore and offshore wind.

When it comes to offshore wind in the UK, the company operates the West of Duddon Sands offshore wind farm, operational as of 2014, and is developing new offshore wind farms off the coast of East Anglia.

First one to be built is the GBP 2.5 billion East Anglia ONE, for which the offshore construction is scheduled to start in 2018 and the wind farm is expected to be completed in 2020.

Outside the UK, Iberdrola is active in the German and French offshore wind markets, as the Wikinger offshore wind farm in Germany currently under construction, with the construction permit for French Saint-Brieuc project expected to be obtained this summer.

Offshore WIND Staff