Galan

Iberdrola has announced a first-half profit rose 7.4 per cent, exceeding analysts’ estimates, as a weaker euro boosted earnings from the UK.

Spain’s largest electricity company revealed net income advanced to EUR1.51bn ($1.7bn) from EUR1.4bn a year earlier.

That compared with the EUR1.3bn average estimate of eight analysts surveyed by Bloomberg.
Galan
Iberdrola’s electricity output fell 5.3 percent during the period, led by a decline in Spain as hydropower production slumped 39 per cent in the utility’s biggest market.

Sales increased 6.2 per cent to EUR16.1bn from a year earlier, it said.

Meanwhile Iberdrola CEO and Chairman Ignacio Galan does not expect major problems in getting the go ahead for its planned $3 billion purchase of US firm UIL Holdings from regulators in the state of Connecticut.

Iberdrola has already received federal approval for the takeover but has had to file a new proposal in Connecticut, where regulators rejected the deal saying the benefits for the public were not “tangible and sizeable”.

“We’re not seeing this as a major problem,” he said, adding that he expected to close the deal before the end of the year and present a new strategy in February of 2016.

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