The Spanish energy group Iberdrola has released its 2020 results, posting a €3.6bn net profit (+4.2%). The company invested €9.2bn in 2020 (+13%), with 91% allocated to the development of new renewable power projects and to electricity networks. In 2020, the group's net capacity (including the net installed capacity for third parties) grew by 3 GW to over 55 GW, including 35 GW of renewable power capacity. Most of the increase came from renewables (+2.9 GW, including +2 GW of wind and +905 MW of solar) and from gas-fired capacities (+1.2 GW), that offset the withdrawal of 874 MW of coal-fired capacity. Over 17,000 MW of renewable projects are under construction as part of a 74,400 MW pipeline, after adding 25,000 MW of projects in 2020. The current offshore wind pipeline now totals 19 GW, of which 9 GW are ready for construction and 10 GW are planned for development in Sweden, Japan, Poland and Ireland.
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