Europe’s largest power company on Wednesday reported a 5 per cent rise in underlying earnings for 2015, bucking the trend at some of the region’s biggest utility companies. Iberdrola, the Spanish utility, whose market valuation is bigger than any of its rivals, was boosted by its push into renewable energy. Its performance contrasted with that of many of its rivals, which have reported declining profits amid reduced demand for electricity from consumers and falling wholesale power prices. Iberdrola’s chairman, told the Financial Times: “While our colleagues elsewhere have been investing in coal, we have invested in wind. While they have been investing in exotic countries, we have been investing in the UK and US.”
FT 24th Feb 2016 read more »