The Spanish-owned power company made big gains in its renewables and network businesses, despite a one-off hit to its supply arm.
Spanish utility Iberdrola is interested in British power network Electricity North West (ENWL) and plans to bid for it, Executive Chairman Ignacio Sanchez Galan told analysts and investors on Wednesday. Iberdrola has deep pockets after selling some assets in Mexico and scrapping the planned purchase of U.S. energy firm PNM Resources. The acquisition of ENWL could help Iberdrola connect areas that it already serves through its Scottish Power business and fits with its broader strategic shift towards grids businesses.
MADRID (Reuters) -Spanish utility Iberdrola lifted its outlook for 2024 for a second time this year, saying it expects opportunities in data centres, power grids and energy storage to help boost earnings. The company, which reported a two-thirds jump in net profit for the first half, is reaping the benefits of a shift in focus towards upgrading and expanding grids in the United States and elsewhere. Europe's biggest utility by market value now predicts double-digit percentage growth in net profit this year, up from earlier guidance of high single-digit growth.