Iberdrola profit slipped 2.3 per cent in 2011

Iberdrola SA (IBE), Spain’s biggest electricity supplier, said net income slipped 2.3 per cent last year as the global economic slowdown damped demand.

Net income fell to 2.8 billion euros ($3.72 billion) from 2.87 billion euros in 2010, the company said today in a filing.

Iberdrola, the world’s largest owner of wind-energy power plants, with about 8 per cent of that business in the U.K., faced a “difficult macroeconomic environment” in 2011, it said in the statement.

The Spanish economy slipped toward a second recession in four years during the second half of 2011 while activity in the U.K. slowed as governments struggled to rein in their borrowing.

Iberdrola’s power output in Spain fell by 11 per cent and in Britain it dropped 19 per cent.

Meanwhile in the U.S., Iberdrola’s output rose 14 per cent after the company added more than 600 megawatts of renewable power generating capacity.

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