The company said the network business’s Ebitda of €288.5 million is in line with expectations and reflects the phasing of investment in the distribution and transmission networks. It added that the 3 per cent fall in UK generation and supply Ebitda to €224.6 million was due to milder weather in the first three months of the year.
Renewables Ebitda in the UK was down 27% to €108.4m in Q1 2016, compared to a record first quarter in 2015.
At a group level, Iberdrola recorded a Q1 net profit of €868.7 million, a 3.3 per cent increase on the same period of the previous year. Ebitda was €2.08 billion in the first three months, down by 6 per cent, which the company said was “due to atypical factors recorded in the quarter, which are likely to be offset during the year”.