Iberdrola's gas-fired generation in Spain continued to fall in 2014 (-30%)

Spanish power utility Iberdrola has released its 2014 results. In Spain, its installed capacity declined slightly (-0.8%) due to a slight decrease in CCGT capacity (205 MW). CCGT power generation continued to collapse in 2014 (-30%), but higher nuclear (+6.7%) and hydropower generation (+20%) led to a 5.1% hike in power generation. Electricity distributed volumes declined by 1.1% to 90.7 TWh and gas supplies dropped by 4.5% to 15.4 TWh. In the United Kingdom, the installed capacity increased slightly (+1.9%) thanks to new renewable capacities, but power generation dipped by 5.1% to 18.9 TWh, as CCGT and coal-fired generation decreased noticeably (-12% and -6%, respectively). Power distribution volumes contracted by 3.3%, while gas supplies fell by 14%.

In the United States, the group reached an installed capacity of 6,479 MW, mainly from renewables (5,695 MW), and its power generation dipped by 2.4% to 17.5 TWh (decrease in CHP production). Electricity distribution remained stable while gas supplies soared by 30%. In Latin America, power generation rose by 3.3% to 40 TWh, thanks to a 2.8% increase in CCGT generation (35.5 TWh) and to a 45% increase in renewable generation (1.2 TWh). Distributed volumes of electricity rose by 3.4% to 54 TWh.

In 2014, the company invested €2.8bn, including 46% in the United Kingdom, 24% in the United States, 18% in Spain and 12% in Latin America (not including Neonergia, €775m). More than half (54%) of the investments were directed to networks, followed by renewables (27%) and generation and supply activities (16%).