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Renewable Energy Business

Spain, affected by regulatory measures

The keys for the 2014 have been:

  • EBITDA from this business came to €1,326 million, a fall of 11.7%, which reflects a drop in Spain that could not be offset by positive performance in the UK, the US and Latin America.
  • By business, the EBITDA evolution was the following:  
    • In Spain, EBITDA fell 37% to €420.6 million, or €247.8 million lower than the previous year, due fundamentally to the negative impact of regulatory measures in place, which came to €339 million, and to lower prices.
    • Renewables in the UK recorded EBITDA of €265.2 million in a year marked by an increase in operating capacity and the startup of West of Duddon Sands, IBERDROLA's first offshore wind farm.
    • In the US, EBITDA from renewables came to €495.3 million, driven by a 0.9% rise in production and by favourable weather conditions during the period.
    • In Latin America, EBITDA came to €71.2 million helped by higher operating capacity in Mexico and Brazil (+28%) and by higher load factors (+45%). In the rest of the world, the business recorded Ebitda of €73.7 million.
  • At the end of 2014, the Renewables business had an installed capacity of 14,543 MW. Of the 14,593 MW, IBERDROLA has consolidated
    14,051 MW and manages through investee companies a further 542 MW, which in the  previous financial year had been subject to proportionate consolidation, but which, after the entry into force of IFRS11, have gone on to being consolidated by the equity method.
  • Onshore wind energy: after including 157.7 MW of wind capacity over the last twelve months, IBERDROLA has reached a total installed capacity of 13,986 MW (13,443 are consolidated). This is geographically broken down as follows: 5,753 MW for Spain, 5,595 MW for the United States, 1,432 MW for the United Kingdom and Ireland, 418 MW for Latin America and 738 MW for the Rest of the World.
  • Offshore wind energy: at present, IBERDROLA is developing marine wind project that increase main projects capacity up to 2,439 MW, mainly in the UK (65.2%), Germany (14.3%) and France (20.5%). Salient projects include projects at West of Duddon Sands, (North Sea, 389 MWNote (*)); East Anglia ONE (North Sea, 1.200 MW); Wikinger (Baltic Sea, 350 MW); and Saint Brieuc (Côtes D´Armor, 500 MW installed capacity), in consortium with EOLE/RES.
  • Marine energy: IBERDROLA continues with the development of marine technologies; after having installed the “Pellamis” P-2 prototype in 2011, for the exploitation of wave energy in the European Marine Energy Centre (EMEC) in Orkney, the Company continues to work on the development of Hammerfest Strom´s prototype with a power 1 MW. In this context, the Sound of Island project, which envisages 10 MW of tidal capacity, continues on schedule. IBERDROLA is also completing the development of two other facilities, one tidal facility and the other one wave facility, with 95 MW and 50 MW, respectively.
  • Other renewable technologies: the Renewables business has facilities with other renewable technologies in several countries amounting to 413 MW.

Further information on economic-financial and operating data of the IBERDROLA Group can be found in the section In Figures and Full Year 2014 Report Results [PDF].


2014 RENEWABLES BUSINESS EBITDA BREAKDOWN (%): U.S. 37%; Spain -32%; UK 20%; RoW - 6%; Latin America - 5%.


2014 RENEWABLES PRODUCTION BY REGION (GWh): Wind U.S. 5,645 MW – 38.8% Wind Spain – 5,753 MW – 39.5% Wind U.K. – 1,432 MW – 11.1% Wind RoW – 738 MW – 4.2% Other renewables – 607 MW– 2.8%;


  • Note (*) Total Capacity. Consolidated capacity is 194.5 MW.
  • © 2015 Iberdrola, S.A. All rights reserved.