Wednesday, February 20, 2008

Wind: Iberdrola Net Rises 75% After Buying Scottish Power (IBE.MC)

From Bloomberg:

Iberdrola SA, Spain's second-largest utility, reported fourth-quarter profit rose 75 percent because of last year's purchase of Scottish Power Plc and said savings from the acquisition will be more than forecast.

Net income climbed to 741 million euros ($1.09 billion) from 424 million euros in the year-earlier period, the Bilbao, Spain- based utility said today in a filing. Full-year profit fell 38 percent at the company's renewable-energy unit, the world's largest owner of wind parks, because Spanish prices dropped.

Iberdrola's renewable-energy assets and profit forecasts have made it a takeover target for larger European competitors. Electricite de France SA, which held talks with the Spanish company's biggest shareholder about taking a stake, today said it hasn't decided whether to proceed with the plan....MORE