Iberdrola's power generation contracted by 9.1% in Spain in 2015

Spanish energy group Iberdrola has released its 2015 results, highlighting a 1.5% drop in global power generation (to 137 TWh) despite a 3.1% increase in its power capacity (to 46.5 GW). Distributed electricity volumes progressed by 0.6% to 190 TWh, while gas supply rose by 6% to 101 TWh.

The decline in power generation is related to Spain, where production fell by 9.1% to 55.5 TWh, due to a lower hydropower availability (-30% to 12.4 TWh) despite a 10% increase in hydropower capacity, that was partly offset by a higher CCGT generation (+92% to 2.2 TWh) and coal-fired generation (+47% to 3.6 TWh); renewable power generation declined by 9.9% to 11.9 TWh. Iberdrola distributed 92.7 TWh of electricity (+2.1%) and supplied 20 TWh of gas (+33%), including 13.9 TWh to end-users (+7.6%) and 6.1 TWh to CCGT power plants (3-fold increase over 2014).

In the United Kingdom, coal-fired power generation contracted by 18% to 7.9 TWh, while CCGT generation rose by 16% to 6.3 TWh and renewable generation grew by 19% to 3.7 TWh; overall, Iberdrola's power generation in the United Kingdom dipped by 1.5% to 18.6 TWh. The group distributed 36 TWh of electricity (-1%) and supplied 46 TWh of gas (+6.6%), including 14 TWh to CCGT power plants (+15%).

In the United States, renewable power generation dipped by 4.1% to 14.3 TWh (total generation dipped by 0.9% to 17.4 TWh) and electricity distribution volumes remained stable at 31.3 TWh. Gas supply dipped by 5.7% to 35 TWh. In Brazil, Iberdrola's installed hydropower capacity rose by 78% to 682 MW, leading to a 36% increase in installed capacities (to 1.2 GW): hydropower generation soared by 36% and total generation by 18% to 4.8 TWh. However, distributed electricity volumes declined by 1.6% to 30 TWh. Finally, Iberdrola's power generation in Mexico rose by 8.4% to 38.9 TWh, thanks to a 7.8% hike in CCGT generation.

In 2015, Iberdrola invested €3.2bn (+13%), of which 62% allocated to growth. The company plans to invest €24 billion in 2016-2020, including 70% for growth and 30% for maintenance: 46% will be allocated to Networks, 33% to renewables and 9% to the regulated generation business. The remaining 12% will be invested in Generation and Retail.