Iberdrola, the Spanish energy group present in Italy in the retail market since 2016, continues to invest in renewables, in the context of an investment plan that has already amounted to 2019 billion euros since the beginning of 10 and which will make it possible to not revise the forecasts for growth in profit and dividends for this year, despite the Covid emergency . The results for the first quarter of this year were announced today: ordinary net income was 968 million, an increase of 5,3%. EBITDA also grew by 5,8%, reaching the figure of 2,75 billion euros, despite the coronavirus crisis affecting the reference market, the Spanish one, where the demand for electricity decreased by 3,2 % year-on-year and wholesale market prices plummeted 37%.
In particular, the capital gain generated by the Siemens Gamesa operation “saved” the quarter: Iberdola sold its 8% stake, collecting 1,1 billion and a capital gain of 484 million. “This one-time positive effect will help mitigate any negative impacts of the COVID-19 crisis later in the year,” the statement said. Iberdola also communicated the plan to deal with the emergency: first of all, he wrote, employment will be safeguarded, with the hiring of another 5.000 employees by the end of 2020. 95% of staff can work securely remotely. Also there will be a improvement of the electricity supply, "a fundamental service especially for essential infrastructures such as hospitals".
The plan also includes the granting of payment facilities to customers and free services to the most vulnerable categories of people, in close collaboration with the authorities, and the donation of 30 million in urgent medical devices. Financial stability is not at risk, given that Iberdrola announces that it has liquidity amounting to 14,4 billion, so much so that it has confirmed the distribution of the 0,4 euro dividend for 2019, reaching the minimum target set for 2022 three years in advance.
“It is a shared opinion – said President Ignacio Galan – that the road to economic recovery must be green and that the fight against climate change is crucial. The European Green Deal and national energy and climate plans across the EU already set a clear path. Iberdrola is ready to contribute to the achievement of these objectives”.
