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Iberdrola’s commitment to renewables and decarbonization has increased clean energy production in Spain to its highest level in a decade. In the first quarter of 2024, the group achieved a remarkable milestone, generating 10,489 GWh of clean energy, marking a significant 19.4% increase compared to the same period last year. This surge is a testament to Iberdrola’s dedication, marking its most positive performance since 2014 when it reached 12,427 GWh.
The uptick in production can be attributed to the installation of new capacity and an uptick in rainfall during the first quarter. Over the past 12 months, Iberdrola has added over 1,750 MW of renewable energy in Spain, primarily from solar PV (1,300 MW) and wind (340 MW), bringing its total renewable capacity to an impressive 21,708 MW. Additionally, hydroelectric reserves are nearing 80%, further bolstering clean energy prospects.
While maintaining a global leadership position in clean energy, Iberdrola has achieved a record-breaking generation level of 24,000 GWh of renewable energy in the first quarter of 2024. Despite the challenges faced by onshore wind, hydro generation increases have compensated for the deficit. Notable increases in renewable generation have also been observed in the United Kingdom (+4.3%), Mexico (+5.6%), and other regions worldwide (+30.4%).
The group’s renewable capacity has reached 42,371 MW, with over 2,800 MW added in the last year alone. This includes significant contributions from solar PV (1,600 MW) and onshore and offshore wind (1,200 MW). Moreover, the sale of 8,500 MW of combined cycle plants in Mexico has marked a significant milestone for the company.
Driven by its commitment to emission-free energy, Iberdrola achieves 100% emission-free production in key countries such as the United Kingdom, Brazil, France, Italy, Germany, Poland, Portugal, Greece, Romania, and Bulgaria. In Spain, emission-free production reaches an impressive 87%.
Looking ahead, Iberdrola’s new 2024-2026 strategic plan reaffirms its dedication to promoting the electrification of the economy. With an investment of 41 billion euros, the group aims to allocate 60% of funds to networks and 30% to renewables, with a focus on offshore wind. Energy storage remains a key area of investment, with plans to reach 120 million KWh of storage capacity by 2026, accompanied by a robust pipeline of additional projects. |
