Iberdrola's net profit fell by 7% in 2013 (-6.8% for EBITDA) due to regulatory changes in Spain during the year that raised levies by 33%. Levies reached €1,5677m in 2013, of which €1,044m in Spain: €280m correspond to the effects of applying RDL/2013 since July 2013 and €521m to generation taxes established by Law 15/2012 (including €250m due to the 7% tax on generation, €128m due to the 22% tax on hydropower production, €108m of taxes on nuclear waste, and €35m of "green cent" on gas- and coal-fired generation).
Iberdrola's power generation in Spain increased by 1.7% during the year, to 58.1 TWh, as hydropower generation soared (+64%) while coal and gas fired generation collapsed (-47% and -40%, respectively). Power distribution volumes also decreased by 2.9% (to 92 TWh, while gas supply fell by 27% to 17 TWh). In the United Kingdom, Scottish Power increased by 4.5% its power generation (+37% from CCGT, despite a 11% drop in coal-fired generation) and raised by 18% its gas supplies.
Iberdrola will carry out an intensive investment programme between 2014 and 2016 amounting to a net €9.6bn (gross €11.2bn) focused on projects and countries enjoying stable and predictable regulatory frameworks. Of this amount 46% (€4.4bn) will be allocated to new infrastructure and the remaining 54% (€5.2bn) to maintenance and improvements. The Company will allocate the largest share of investments to the UK with 41%, followed by Latin America (nearly 23%) with most of this in Mexico and the United States (17%).
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