Powering up profits

IBERDROLA made a €1.48 billion net profit in the first quarter of 2023.

This was more than 40 per cent up on the same period last year, which coincided with the start of the Ukraine war.

Thanks to improvements in Spain and the UK, the group reported a marked increase in results despite the new 1.2 per cent windfall tax applied to energy com­ panies’ net turnover. This increased the group’s total tax bill by €200 million this quarter compared with the first three months of 2021. It has also been paid in full, announced Iberdrola, although payments have increased by 102.2 per cent to €1.18 billion this quarter, compared to €583 million in 2021.