Panorama – Iberdrola produces twice as much electricity from its nuclear power plants as from its wind farms

Iberdrola produced in the first half of 2022 in its Spanish nuclear power plants (it has 3,177 megawatts of power) more electricity than that generated by all of its wind farms and all of its hydroelectric facilities combined. Specifically, the company produced 11,505 gigawatt hours of electricity with uranium at its nuclear plants in Almaraz, Cofrentes, Trillo and Vandellós, compared to 10,800 from its hydroelectric plants and wind farms. It is one of the data contained (and highlighted) in the Energy balance for the first half of 2022, balance sheet that the company has just submitted to the National Securities Market Commission, which is the body responsible for monitoring and inspecting the Spanish stock markets and the activity of those who intervene in them. Gas was the other big protagonist of the semester in the company’s activity. Iberdrola has generated 31% more electricity in Spain in these first six months of 2022 compared to the same period last year, an extraordinary increase (+31%) which contrasts with the data referring to demand recorded during this first semester: According to Red Eléctrica de España, which is the operator of the national electricity system, the demand for electricity during the first six months of 2022 has remained two points below (-2%) the demand recorded the previous year.

Gas has tripled its price in one year
The sudden increase in the production of electrical energy from the combustion of gas in Iberdrola’s combined cycle power plants also comes at a time of an equally sharp rise in the price of this raw material. On July 18, 2021, gas was listed at 35 euros per megawatt hour. On July 18 this year, today its price exceeds 100 euros (Gasoline prices started to climb in early August last year). The fact is that Iberdrola has generated in Spain in this first half of 2022 with natural gas and nuclear more electricity (15,500 gigawatt hours) than that produced in all of its renewable energy plants combined: wind , large hydro, mini-hydro and solar photovoltaic (11,870).

Iberdrola gas profile
The data is even more conclusive in Mexico, which is the second country in the world in which Iberdrola produced the most electricity in the first half (27,887 gigawatt hours). Mexico is far ahead of the other markets in which the electricity company headed by José Ignacio Sánchez Galán operates, namely the United States, where it generated 11,836 giga-hours during this first half; Brazil, where it produced less than 10,000; and the UK, where it is just over 4,000 gigawatt hours. Well, in Mexico, Iberdrola’s second largest market in the world, the company produced more than 26,800 gigawatt hours of the 27,887 GWh recorded with natural gas, that is, 94.6% of the gigawatt hours generated by the company in Mexico come from factories that burn natural gas to generate electricity. In total, and despite the green band that seems to constantly accompany the company, the truth is that in the first half of the current year, Iberdrola produced more electricity with gas and nuclear than with renewable energy sources also on a global scale (see the corresponding table below these lines).

On the other side of the scale, the company boasts that it has increased its installed renewable capacity by 9% worldwide in the past 12 months, to nearly 39,000 MW (38,722 megawatts, according to published data). in the National Securities Market Commission). This represents an increase of 3,150 MW over the last fiscal year.

Otherwise, in the first quarter of 2022 (latest results published), the Iberdrola group reached a Net profit of 1,058 million euros, 3.2% more than in the same period of the previous year. Income before tax, interest, depreciation and amortization increased by five points during this first quarter of 2022 (to around 3,000 million euros), while gross investments also increased during this quarter (+1% ) to reach 2,100 million euros (Iberdrola declares investments worth 9,600 million euros in the last twelve months).

The figures included in this first quarterly review of the year 22 follow in the footsteps of the 2021 annual review of Iberdrola’s activity, a review in which the 3,885 million euros in net income (+8% compared to 2020; +14% compared to 2019) and more than 12,000 million euros in gross operating income (the company had never reached a similar figure before). Of course, only 24% of all these investments went to Spain, where the company paid less tax in 2021 (3,469 million euros) than in 2019 (last comparable year), when it paid 3,529 million euros to the Public Treasury (in 2018 paid 3,642 million euros). Thus, over the past three years, their contribution to the national treasury has fallen by five points: -5%.

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