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The U.S. and Brazil helped Iberdrola make more money and ease Spain’s problems.

The biggest utility company in Europe, Iberdrola (OTC:IBDRY), reported a 29% rise in net profit for the first nine months of the year on Wednesday. This was due to good results in the U.S. and Brazil, as well as more investments in renewable energy, which helped to make up for a drop in Spain.

For the period from January to September, the company reported a net profit of 3.09 billion euros ($3.1 billion). It said that geographical diversification helped it grow the most and take advantage of positive currency swings.

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Iberdrola said that summer droughts in Spain hurt their net profit by 14%.

It said that the company’s investments were 14.2% higher than at the same time last year, and that 90% of those investments went to renewable energy and smart grids to speed up the switch to electricity and make the country less reliant on fossil fuels.

Since Russia invaded Ukraine in February, energy prices in Europe have gone through the roof. This has led to more uncertainty and supply problems in markets that were still recovering from the COVID-19 pandemic.

The Executive Chairman, Jose Ignacio Sanchez Galan, said in a statement, “Accelerating investments in electrification will allow us to be less dependent on the volatility of oil and gas and create more growth and more jobs.”

EBITDA, which stands for earnings before interest, taxes, depreciation, and amortisation, rose by 17% to 9.53 billion euros.

Iberdrola said again that it expected a net profit of between 4 and 4.2 billion euros per year.

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It also said that a dividend of 0.18 euros per share would be paid out in January 2023.

($1 = 1.03 euros)

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