Spain’s Iberdrola hikes outlook again, sees growth in data centres and networks

MADRID: Spanish utility Iberdrola lifted its outlook for 2024 for a second time this year, saying it expects opportunities in data centres, power grids and energy storage to help boost earnings.

The company, which reported a two-thirds jump in net profit for the first half, is reaping the benefits of a shift in focus towards upgrading and expanding grids in the United States and elsewhere.

It is also adding onshore and offshore wind capacity but has become more selective in choosing renewable energy projects.