Iberdrola earned €2,075 million in profit in the first half, 36% more than last year

Iberdrola dorrea. Argazkia: Wikimedia Commons.

Iberdrola earned 36% more in the first semester than the previous year. It expects to earn a total of EUR 4.2 billion this year. The company has ensured that EUR 2,075 million of profit has been driven by the growth of foreign business and that it has also gained a great deal at the state level, although it has decreased by 26%.

The electricity price in 2019 was €47.71/MWh. In June 2022 it was €169.6/MWh. To this he has blamed Iberdrola, making sure he is to blame for the fall in profits in Spain. But the company has highlighted that international businesses have “balanced” the decline.

The company has pointed out that growth has been driven by investments at the national level in the USA, Brazil and the UK.

Taxation of electricity companies

This same month it announced that the Spanish Government will tax electricity companies. President Pedro Sánchez noted that “this government will not allow the suffering of many to be exploited by a few.” Antonio Miguel Carmona, Vice-President of Iberdrola España and Councilor of the Socialists in Madrid, said that this tax will apply to companies that use gas and oil. Although Sánchez intervenes in his discourses the electric company.

Mexico, suspended

Iberdrola, in turn, has canceled an investment of $1.2 billion, according to America Economy magazine. On June 30, the Mexican president, Andrés Manuel López Obrador, declared that he had not received the notification of the company he was going to build in the municipality of Tuxpan.

Antonio Aguilar, mayor of Tuxpan, assured that the company had already invested 40 million dollars in the project and that it had land, permits and logistics for the start of the work. However, Iberdrola left the project because with its Gederal Electricity Commission (General Electricity Commission) it did not obtain a contract to sell energy to them.