Reaffirming our 2018 Outlook
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- US: NECEC transmission project selected for interconnection between Canada and Massachusetts with commissioning in 2022.
- Brazil: distribution tariff reviews in Bahía and Río Grande do Norte (May 2018-2023).
- UK: 714 MW East Anglia One, first jackets installed and offshore substation completed.
- Germany: 486 MW Baltic Eagle awarded, with commissioning in 2023.
- US: 800 MW Vineyard awarded, with commissioning in 2021/2022.
- France: 496 MW St. Brieuc tariff confirmed, with commissioning in 2023.
- Brazil: 471 MW Paraiba, with commissioning in 2022.
- Brazil: 122 MW of Belo Monte commissioned during 1H.
- Portugal: Tâmega (1,158 MW) works are progressing as planned, for commissioning in 2021 and 2023.
- Mexico: 150 MW Santiago and 77 MW Hermosillo installed, ready for commissioning in Q3.
- Spain: 391 MW Nuñez de Balboa construction announced, with commissioning in 2020.
Generation & Supply
- UK: 1 million smart meters already installed.
- Mexico: +10.7% CFE tariff increase in July (vs June) and repowering of Monterrey commissioned in Q2.
After a good first half of the year, we expect a stronger performance during the second semester:
Incremental contribution in second half of 2018 (vs 1H)
- Annual tariff increases in NY (from May) - US.
- Tariff increase in Bahía and Río Grande do Norte (from May) - Brazil.
- New capacity: onshore wind Mexico, hydro Brazil & full load offshore wind Germany.
- Higher hydro reserves.
Generation & Supply
- Improved prices - Europe and Mexico.
- Normalisation of nuclear output.
- New capacity - Mexico.
- Further efficiencies.
Reaffirming our 2018 outlook:
EBITDA above EUR 9 Bn and Reported Net Profit, close to EUR 3 Bn, leading to dividend growth in line with results
- Iberdrola obtains an ordinary net profit of €1.368 billion in the first half of 2018, an increase of 27%
- Iberdrola improves its net profit to €838 million in the first quarter
- Iberdrola will invest €32 billion between 2018 and 2022, building the foundations for sustainable growth in the next decade