Iberdrola's global renewables boost output by 13.3% y/y in Q1 2021

Spanish utilities group Iberdrola SA (BME:IBE) recorded a net power production of 22,798 GWh from renewables worldwide in January through March 2021, up by 13.3% on the year, the company said in its provisional report on Monday.

Production levels during the first quarter significantly increased in Spain, Mexico and international markets formerly referred to as the Rest of the World compared to the same period last year. In the UK, US and Brazil, the total output from renewables fell by 2.0%, 6.9% and 12.4%, respectively.

The main figures for the period are summarised in the table below:

In native Spain, Iberdrola generated 10,172 GWh from renewables, recording a 40.6% year-on-year increase in the total output.

In the UK, production dropped by 2.0% to 2,098 GWh as higher output from offshore wind farms could not could not compensate for the reduction in onshore wind generation.

In the US, where Iberdrola operates through 81.5%-owned Avangrid Inc (NYSE:AGR), the first-quarter production reached 5,032 GWh, dropping 6.9% on the year. The company's onshore wind farms, hydropower plants and solar parks in the US all under-performed compared to January-March 2020 period.

The combined output of onshore wind and solar farms in Mexico jumped by 86.1% to 711 GWh. In Brazil, onshore wind farms with hydropower plants produced 3,583 GWh combined, down by 12.4% on the year.

Lastly, international renewable energy markets, which group solar, onshore and offshore wind power assets, collectively produced 1,202 GWh, up by 39.6% compared to January-March 2020.

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